Baidu Appoints Rong Luo as Chief Financial Officer

Rhea-AI Summary

Baidu, Inc. has appointed Rong Luo as its new chief financial officer, effective immediately. Luo brings substantial experience, having served as CFO at TAL Education Group and held key roles at eLong, Lenovo, and Microsoft. Baidu's CEO, Robin Li, expressed confidence that Luo’s expertise will enhance the company's growth in the AI sector. This leadership change aims to strengthen Baidu's position in the evolving technology landscape.

Positive

• Rong Luo's extensive experience in financial management is expected to drive Baidu's growth in the AI sector.
• Luo's previous leadership roles at notable companies add valuable expertise to Baidu's management team.

Negative

• None.

BEIJING, Nov 1, 2021 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888) ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, today announced the appointment of Rong Luo as chief financial officer, effective immediately.

"Rong has extensive experience in financial management and capital markets," said Robin Li, Baidu's co-founder and CEO. "We are delighted to welcome Rong to our management team and expect his skills and leadership capabilities to help us achieve our next stage of growth in the AI era."

"I am very excited to join Baidu. I look forward to working with the executive team to drive the future growth for Baidu," said Mr. Luo.

Rong Luo joins Baidu from TAL Education Group, an NYSE listed company, where he served as the chief financial officer since November 2014 and played several key management roles. Prior to that, Mr. Luo was the chief financial officer of eLong Inc. from 2013 to 2014. Before that, Mr. Luo held different financial management positions at Lenovo Group and Microsoft. Mr. Luo holds bachelor's degrees in both information management & systems and economics from Peking University, a master's degree in management science and engineering from Tsinghua University, and a Ph.D. degree in management science from Peking University.

About Baidu

Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on Nasdaq under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares.

Contacts
Investors Relations, Baidu, Inc.
Tel: +86-10-5992-8888
Email: ir@baidu.com

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the quotations from management in this announcement, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu's growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company's revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.

View original content:https://www.prnewswire.com/news-releases/baidu-appoints-rong-luo-as-chief-financial-officer-301412704.html

SOURCE Baidu, Inc.

FAQ

Who is the new CFO of Baidu?

Rong Luo has been appointed as the new chief financial officer of Baidu.

What is Rong Luo's background?

Rong Luo has served as CFO at TAL Education Group and has held financial positions at eLong, Lenovo, and Microsoft.

When did Rong Luo start as CFO of Baidu?

Rong Luo started as CFO of Baidu on November 1, 2021.

What impact is expected from Rong Luo's appointment at Baidu?

His extensive experience is expected to contribute positively to Baidu's growth in the AI market.