HEADLINE Mobike CEO resigns 24 days after acquisition

HEADLINE

Mobike CEO resigns 24 days after acquisition

By Zhang Jian | People's Daily app

14:13, April 30, 2018

Mobike-David-Wang.jpeg

File Photo

Mobike’s co-founder and CEO Davis Wang declared his resignation on April 28, 24 days after Meituan Dianping, the largest O2O platform in China, acquired Mobike.

“My next plan is to spend more time with my family,” Davis wrote in an internal letter when it comes to his reason for resignation. “I will be a personal advisor for Mobike moving forward,” he said.

In another internal letter, Hu Weiwei, the founder of Mobike, announced her takeover of Davis’ position and became the new CEO.

Davis and Hu Weiwei co-founded Mobike in 2015. The company has become one of the biggest bike-sharing players (the other is OFO) in China after a fierce two-year competition.

On April 4 this year, Meituan Dianping acquired Mobike for $2.7 billion. At that time, Wang Xing, CEO of Meituan, promised that Mobike’s management team would keep unchanged. Now the story has changed anyway.

According to media reports when the acquisition was announced, it was no secret that Davis was against the acquisition and some even thought this was one of the reasons for his resignation.

In the second internal letter, Mobike also announced the establishment of an intelligent transportation laboratory, providing cities with comprehensive smart transportation solutions.

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