Baidu Tumbles as Star Hire Steps Down After Less Than 2 Years
- Ex-Microsoft exec will remain vice chairman of the company
- Qi Lu was regarded as crucial to driving Baidu’s operations
Qi Lu
Photographer: Billy H.C. Kwok/BloombergThis article is for subscribers only.
Baidu Inc.’s Qi Lu, the former Microsoft Corp. executive hired to oversee virtually every aspect of its business, has stepped down from all active management roles less than two years after joining the Chinese internet search leader.
The former group president and chief operating officer becomes the highest-profile executive to exit the company over the past few years. Lu, one of the architects of Microsoft’s artificial intelligence program, resigned to deal with family matters and because he could no longer work in China on a full-time basis, the company said in a statement. He remains vice chairman. Baidu fell as much as 8.2 percent, the most intraday in six months, to $256.68 in U.S. trading.