Kuaishou Technology's CEO has stepped down, the latest founder to do so in the face of the China government's crackdown against its tech giants. — REUTERS
Kuaishou Technology chief executive officer Su Hua became the latest founder to step back from a Chinese tech firm after a yearlong campaign by Beijing to rein in excesses in the industry.
Su, 39, will remain chairman of Kuaishou to focus on long-term strategy and new initiatives, the short-video giant said in a statement late Friday. Fellow co-founder Cheng Yixiao will take over as CEO to lead day-to-day operations and business development. Shares of Kuaishou tumbled as much as 5.1% on Monday after the announcement.
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