Jennifer Li, chief executive of China-based internet group Baidu’s $3bn strategic investment arm, Baidu Capital, has stepped down as the company’s chief financial officer, Reuters reported on Monday.
Herman Yu, who held the CFO position at another internet company, Weibo, will replace Li, who is standing down from the role after almost 10 years, though she will continue as Baidu Capital CEO.
Yu had been finance chief at Weibo for two years, having previously worked at design software publisher Adobe Systems and electronic payments processor Verifone. He also sits on the board of several China-based tech firms including e-commerce marketplace 58.com and logistics operator ZTO Express.
Li, who ranked #15 on Global Corporate Venturing’s 2017 Powerlist, was reported to have said: “I look forward to working with Herman in his new capacity, as Baidu enters the next stage of growth in the artificial intelligence era.”