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TuSimple’s Hou says he was removed as chair, CEO ‘without cause’ By Reuters

© Reuters. FILE PHOTO: TuSimple truck-trailers are parked at their facility at AllianceTexas, a 27,000 acre business complex boasting some of the country’s largest freight operations, in Fort Worth, Texas, U.S. May 18, 2022. Picture taken May 18, 2022. REUTERS/Co
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(Reuters) – The former chief executive of self-driving technology company TuSimple, Xiaodi Hou, on Monday confirmed he had been removed as chairman and CEO by the company’s board, adding in a WeChat post the move was “without cause.”

Hou’s ouster came after The Wall Street Journal reported the company was being investigated by the FBI, U.S. Securities and Exchange Commission (SEC) and Committee on Foreign Investment about its relationship with China-backed Hydron Inc.

Hou described the board’s process as “questionable at best,” denied any wrongdoing, and said he did not intend to sell shares in the company.

Story Credit: investing.com

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