Didi Global's Co-Founder Jean Liu Steps Down as President
Didi Global Inc's co-founder, Jean Liu, has stepped down from her roles as president and board director of China's biggest ride-hailing firm. This change comes after a period of intense regulatory scrutiny for the company.
In an internal company memo, Didi announced that the position of president would be eliminated. Liu, who has been with Didi for a decade, will take on a new role as "permanent partner." She will continue to serve as chief people officer and focus on talent and corporate social responsibility.
Liu played a crucial role in Didi's key financial decisions, including its merger with Alibaba Group Holding and its takeover of Uber Technologies Inc's China business. However, in 2021, Didi faced major challenges when it pursued a U.S. initial public offering without obtaining approval from Chinese regulators. This led to an inquiry, a ban on adding new users, and the removal of many of Didi's apps from major app stores.
In July 2022, Didi was penalized with a $1.2 billion fine for data security violations. However, the company began to recover from its regulatory challenges in early 2023 when it received permission to relaunch its apps.
Liu's departure marks a significant change for Didi as it navigates a complex regulatory landscape in China. The company's future remains uncertain, but Liu's new role suggests a focus on long-term development and rebuilding trust with regulators and users.