Baidu Shares Plunge After Key Executive Departs
Baidu Inc.’s group president and chief operating officer, Qi Lu has stepped down from all active management roles less than two years after joining the Chinese internet search leader, the company said in a statement. Lu, a former Microsoft Corp. executive, was hired to oversee virtually every aspect of the business and is the highest-profile executive to leave the company over the past few years. Shares of Baidu fell nearly 10 percent Friday in U.S. trading, the most since July 2015.
— With assistance by Yuan Gao