Lu served as CEO from September 2020 to March 2022, a period of essential milestones for TuSimple, including the Autonomous Freight Network (AFN) launch, key partnership deals, and a successful IPO.
Lu replaced Ersin Yumer, TuSimple’s Executive Vice President of Operations, who had been serving as the interim CEO and President of the Company pending a permanent placement.
Mo Chen, a co-founder and major shareholder of TuSimple was named Executive Chairman of the board.
Lu, CEO of TuSimple, has also been appointed as a new member of the board.
The board has plans to make subsequent appointments of new independent board members as soon as possible.
Investigators at the FBI and SEC scrutinized whether TuSimple and its executives, principally CEO Xiaodi Hou breached fiduciary duties and securities laws by failing to disclose the relationship adequately.
TuSimple’s board opened its investigation in July to investigate whether TuSimple incubated Hydron in China. Investigators probed whether Hou was involved in setting up and providing technology to Hydron and got paid for it without making the proper disclosures.
Price Action: TSP shares traded lower by 3.70% at $2.60 in the premarket on the last check Friday.
