Author: Weiwen
Source: GPLP
NIO (NIO.NYSE) executives can’t stay?
On March 16, a media reported that Zhu Jiang, vice President of user development at NIO, will step down as vice President and become a consultant. NIO will continue to carry out organizational structure adjustment, the position will be replaced by insiders.
NIO responsed that Zhu Jiang is still in NIO, the outside of the rumors do not comment.
Therefore, it can be confirmed that Zhu Jiang is still serving as Vice President of user development, but there is no response as whether he will step down in the next few months.
It is worth mentioning that in an interview with Tencent Auto, Zhu Jiang has said: ” I will stay until may, when ready for handover.”
Zhu Jiang joined NIO in 2017. He is responsible for the company’s extremely important user operation business. Prior to that, he was deputy general manager of Lexus (China), responsible for brand marketing and related businesses.
On December 31, 2019, Zhu Jiang posted an article in social media and expressed his gratitude for working at NIO, but he never expected the core cadre would leave in less than three months.
However, it is not difficult to understand the recent year NIO automotive executives have been a common departure.
On October 11, 2019, a letter about promotions and changes of NIO’s top global executives circulated online, in which Shen Feng, Zhou Xin and Ganesh v.i.yer were promoted to executive vice President, reporting directly to li Bin, Zhuang Li, former vice-president of software development, and Angly Casodia, managing director of NIO UK, have both left.
Subsequently, on October 28, 2019, NIO officially announced that CFO Frank Hsieh had resigned as CFO for personal reasons with effect from October 30, 2019.
To such personnel changes, the industry said, this may be related to the current operating situation of NIO.
According to NIO’s performance report for the third quarter of fiscal 2019, the revenue of NIO in the third quarter was 1.837 billion yuan, up 25% year on year.The net loss of 2.554 billion yuan in the third quarter was significantly lower than the net loss of 9.757 billion yuan in the same period of 2018.
In this regard, the chief financial officer of NIO Feng Wei mentioned at that time, NIO in the enterprise to implement a comprehensive cost control, optimize the operating efficiency, sales, administrative expenses and research and development costs have been reduced.
And the departure of Zhu Jiang, the industry speculation, this may be related to NIO to maintain the strategy of cost reduction, after all, before the consolidation of the relationship between owners, NIO costs fees are huge.
2019 has been a painful year for NIO, with a number of black swans such as spontaneous combustion, executive departures, plummeting stock price and delayed improvement of performance, which have turned it from a shining “China Tesla” into a target of criticism. Now, GPLP will be watching to see where NIO goes in 2020.
