Autonomous trucking developer TuSimple Holdings moved Friday to fill corporate governance holes, naming two additional independent directors and making its interim CFO permanent.
The moves are necessary to ensure San Diego-based TuSimple regains compliance with the Nasdaq to retain its listing. The company was the first to remove the driver from a Class 8 cab last December.
“When I returned to lead TuSimple, I made a commitment to right the ship and set us on a path toward long-term stability and success,” TuSimple President and CEO Cheng Lu said in a news release.
Co-founder Xiaodi Lu ousted Lu in March and assumed the CEO and chairman’s roles. Lu returned as CEO after the previous board fired Hou on Oct. 30. Ten days later Hou and co-founder Mo Chen used their super-voting power to fire the board’s four independent directors.
Chen retook the role of executive chairman, which he gave up in June. Hou subsequently transferred his voting rights to Chen, who now controls 59% of the company’s voting rights.
TuSimple addressed its shortage of independent board members with the appointment of three independent directors this week.
“With the appointment of Eric as permanent CFO, three new independent board members in the last week, the reconstitution of the Board’s Audit Committee and other board committees, we’re moving forward with our plan to restore accountability and transparency to this company,” Cheng Lu said.
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