Baidu stock plunges after company says COO will leave post

Discussion in 'Market News' started by sniper-academy, May 18, 2018.

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  1. sniper-academy

    sniper-academy Administrator Staff Member

    Sep 30, 2011
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    Shares of Baidu Corp. are down 7.8% in Friday morning trading after the company said in a release that Chief Operating Officer Qi Lu will no longer serve in that role beginning in August. He will remain vice chairman of the company's board. "Due to personal and family reasons, I am no longer able to work in China on a full-time basis," Qi said in a statement. He joined the company in 2017 and was involved in its efforts to make better use of artificial-intelligence technology. Baidu said that it has promoted Haifeng Wang to senior vice president and general manager of the company's AI group. Shares are up 41% over the past 12 months, compared with a 15% gain for the S&P 500 .

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