(Reuters) – Baidu finance chief Rong Luo will step down from the role to lead its mobile ecosystem unit, the Chinese search engine giant said on Tuesday.
The unit’s current head, Junjie He, will take over as interim CFO, the company said, adding that the appointments are effective immediately.
The mobile division oversees the firm’s portfolio of mobile applications, including its flagship Baidu App, video-sharing platform Haokan, and social media app Baidu Post.
Baidu has ramped up investments in artificial intelligence (AI) over the past few years as part of its transition into an “AI company”. The focus on AI comes as growth in its online marketing business, which generates most of the company’s revenue, has slowed due to a weakening Chinese economy.
In August, Baidu touted its leading position in AI in China, saying it would help the company navigate an increasingly competitive market.
Luo joined Baidu in November 2021 from tutoring firm TAL Education Group and oversaw a period of rapid growth in its cloud services and AI products.
Junjie He joined Baidu in 2019 and oversaw mergers and acquisitions, strategic investments, sales operations and financial planning. He has been at the helm of the mobile apps division since May 2022.
He has previously worked with investment firms including China International Capital Corp (CICC), Warburg Pincus and CITIC Private Equity.
U.S.-listed shares of Baidu were down 9% in premarket trading on Tuesday amid broader declines after the Chinese state planner stopped short of introducing stronger steps to bolster the economy, disappointing investors.
(Reporting by Deborah Sophia in Bengaluru; Editing by Abinaya Vijayaraghavan)
