Kuaishou CEO is latest tech founder to retreat in crackdown

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.