Didi Co-founder Jean Liu Steps Down from Leadership Role at Chinese Ride-Hailing Giant
Jean Liu, co-founder of Didi Global Inc., steps down from her positions as president and board director. Didi will no longer have a position of president. Liu takes on a new role as a "permanent partner" and will continue as the chief people officer.
Didi, often referred to as China's equivalent of Uber, has been under intense regulatory scrutiny in recent years. As part of the leadership reshuffle, the memo stated that the position of president will no longer exist within the company.
Liu, who previously worked as a banker at Goldman Sachs, has been at the helm of Didi for the past decade. However, she will now assume a new role as a "permanent partner" while continuing her current responsibilities, including serving as the chief people officer. Liu and CEO Will Cheng expressed their confidence in her ability to contribute to the company's long-term development.
In her letter to employees, Liu emphasised her desire to focus on talent development and corporate social responsibility moving forward. Her extensive involvement in crucial financial decisions, such as Didi's merger with Alibaba-backed Kuaidi in 2015 and the acquisition of Uber's China business, has been instrumental in shaping the company's trajectory. Additionally, Didi has successfully secured investments from major players like Apple Inc.
However, Didi faced significant challenges in 2021 when it came under scrutiny from China's cyberspace regulator for pursuing a U.S. initial public offering without obtaining proper approval. This led to an inquiry that resulted in Didi being prohibited from adding new users and having its apps removed from major app stores. The company was subsequently fined $1.2 billion in July 2022 for data security violations.
Despite these setbacks, Didi has been gradually recovering from its regulatory hurdles. In early 2023, the company received permission to relaunch its apps, marking a turning point in its journey.
Jean Liu, co-founder of Didi Global Inc., steps down from her positions as president and board director.
Didi will no longer have a position of president.
Liu takes on a new role as a "permanent partner" and will continue as the chief people officer.
Source: NIKKEI ASIA