Hmm...Baidu CTO Li Yinan Resigns, Second Executive to Quit in 10 Days (BIDU, GOOG)
By Bloomberg News
Jan. 19 (Bloomberg) -- Baidu Inc.’s Chief Technology Officer Li Yinan resigned yesterday, 10 days after the operator of China’s most-used search engine said its Chief Operating Officer was also leaving the company.
Li quit Baidu for personal reasons, the Beijing-based company said in an e-mailed statement without giving additional information. His departure comes after Peng Ye stood down as COO on Jan. 8.
Baidu has lost two senior executives this month as its main rival Google Inc. said it may shut its China Web site and close its offices in the nation, exiting the world’s biggest Internet market. The Chinese search engine’s American depositary receipts have gained 21 percent since Jan. 12, when Google announced its possible departure.
Li will move to a unit of China Mobile Ltd., China Business News said on its Web site yesterday, citing unidentified people at Baidu.
Prior to joining the Chinese Internet company in October 2008, Li was a vice president at Chinese telecommunications equipment maker Huawei Technologies Co.
China was home to 384 million Web users at the end of 2009, greater than the total population of the U.S., according to the China Internet Network Information Center, a government agency that registers online domain names.
Baidu had a 58.4 percent share of the Chinese search market last year, compared with Google’s 35.6 percent shares, according to Beijing-based researcher Analysys International.
For Related News and Information: Find stories about China’s Internet market: TNI CHINA INTERNET BN <GO> See China economic statistics: ECST CH <GO> See most-read stories about China today: MNI CHINA 1D <GO>
Last Updated: January 18, 2010 19:42 EST
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