Shares of autonomous semi-truck developer TuSimple Holdings (NASDAQ:TSP) are tanking in the pre-market session today after it terminated its CEO, President, and CTO Dr. Xiaodi Hou.
The company’s Executive Vice president of Operations, Dr. Ersin Yumer will take on the mantle of CEO as well as its President while TSP hones in on a new candidate.
The shakeup at the top comes after an investigation by TSP’s Audit committee concluded that a change of CEO was essential and after earlier reports that the company was being investigated for its ties with Hydron, a Chinese startup.
The company’s third-quarter numbers are expected today after the market close. The Street expects the company to post a net loss per share of $0.53 for the quarter.
In the year-ago period, it had posted a net loss per share of $0.54 versus estimates of a net loss per share of $0.49.
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