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TuSimple’s former CEO wants a new board that will liquidate the company
TuSimple co-founder and former CEO Xiaodi Hou is on a war path in the lead up to Friday’s annual shareholder meeting that will decide the makeup of the
On Monday, Hou wrote an open letter to stockholders alerting them to his plans to launch a written consent process to remove the current board directors and replace them with ones who will support liquidation. Hou is pushing for a written consent solicitation because it would allow shareholders to remove directors outside the annual meeting cycle with the support of a majority of the outstanding voting power, he argued in the letter. “I write to you today not just as an investor, but as a co-founder who has poured seven years of passion, energy, and personal commitment into making TuSimple a world leader in autonomous driving,” Hou wrote in his letter to shareholders.
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