Self-driving truck company TuSimple replaces CEO, shares plummet 20per cent

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TuSimple Holdings Inc on Thursday said it was replacing its Chief Executive Officer in a decision it called part of a 'planned executive succession,' but which took Wall Street by surprise and caused its shares to plummet more than 20per cent.The self-driving trucking company said Xiaodi Hou, up until now

TuSimple Holdings Inc on Thursday said it was replacing its Chief Executive Officer in a decision it called part of a"planned executive succession," but which took Wall Street by surprise and caused its shares to plummet more than 20per cent.

Shares slid 23per cent following the announcement to $13, significantly below their $40 initial public offering price in April 2021.

 

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