TuSimple Announces Leadership Changes

Rhea-AI Summary

TuSimple (Nasdaq: TSP) has announced key leadership changes, including the promotion of Dr. Ersin Yumer to Executive Vice President of Operations and Dr. Lei Wang to Executive Vice President of Technology. These promotions align with the company's shift from testing to scaling its autonomous trucking technology. Additionally, CFO Patrick Dillon will depart, with Eric Tapia stepping in as interim CFO. TuSimple reaffirms its goal to meet or exceed 2022 Adjusted EBITDA guidance and highlights its progress with over 7 million miles driven by its autonomous vehicles.

Positive

• Promotion of Dr. Ersin Yumer to EVP of Operations to enhance operational scalability.
• Dr. Lei Wang's promotion to EVP of Technology to focus on advanced tech for Driver Out capability.
• Reaffirmation of 2022 Adjusted EBITDA guidance, indicating financial stability.
• Over 7 million miles driven by autonomous vehicles demonstrating operational progress.

Negative

• Departure of CFO Patrick Dillon could lead to potential management continuity concerns.

SAN DIEGO, June 21, 2022 /PRNewswire/ -- Today, TuSimple (Nasdaq: TSP) co-founder and CEO Xiaodi Hou announced the addition of two key leadership positions and the departure of its CFO as the company continues transitioning from testing to scaling and, ultimately, wide deployment of autonomous trucking technology across the U.S.

Dr. Ersin Yumer is being promoted to Executive Vice President of Operations. Dr. Yumer oversees the TuSimple Autonomous Freight Network (AFN) to support Driver Out operations and has deep experience in the industry, including previous roles at Aurora Innovation, Inc., Uber Technologies, Inc., Argo AI, and Adobe, as well as a PhD from Carnegie Mellon in the field of machine learning and computer vision.

Dr. Lei Wang is being promoted to Executive Vice President of Technology. Dr. Wang will continue to develop the advanced hardware, software, and algorithm technology required to install safe and reliable Driver Out capability. Dr. Wang has held technology leadership roles at WeRide.ai, Instagram and Facebook, and also has a PhD in computer science from the Georgia Institute of Technology with a focus on algorithm designs in artificial intelligence and machine learning.

In addition, Chief Financial Officer Patrick Dillon will leave the company to pursue other opportunities. Eric Tapia, TuSimple's Global Controller and principal accounting officer, will temporarily take on the role of the company's Chief Financial Officer while TuSimple carries out a search for a new CFO.

"I want to personally thank Pat Dillon for helping guide us through the IPO process and our first year as a public company. He has provided invaluable support and guidance to TuSimple and played a key role in TuSimple becoming a commercial leader in autonomous trucking and achieving several industry firsts," said Xiaodi Hou, Co-Founder and CEO.

Additionally, TuSimple is also reconfirming it is on track to meet or out-perform previously announced 2022 Adjusted EBITDA guidance and will provide an update at the regularly scheduled quarterly update.

"With more than 7 million miles driven by TuSimple's autonomous vehicles, we are laser focused on transitioning to the next stage: Driver Out Commercialization. Ersin Yumer is uniquely qualified to make sure that safety, efficiency and scalability are cornerstones of our entire organization. Additionally, Lei Wang is a highly experienced and capable technologist and organizational leader." Dr. Hou continued, "As TuSimple continues growing and scales up to Driver Out Commercialization, I'm excited to execute our vision of a safer, more reliable and more efficient future.  We remain committed to the long-term financial goals of  the company, and today's announcements will help get us there."

About TuSimple

TuSimple is a global autonomous driving technology company headquartered in San Diego, California, with operations in Arizona, Texas, Europe, and China. Founded in 2015, TuSimple is developing a commercial-ready, fully autonomous (SAE Level 4) driving solution for long-haul heavy-duty trucks. TuSimple aims to transform the $4 trillion global truck freight industry through the company's leading AI technology, which makes it possible for trucks to drive safely autonomously, operate nearly continuously, and reduce fuel consumption by 10%+ relative to manually driven trucks.  Global achievements include the world's first fully autonomous, 'driver-out' semi-truck run on open public roads, and development of the world's first Autonomous Freight Network (AFN). Visit us at www.tusimple.com.

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SOURCE TuSimple Holdings, Inc.

FAQ

What leadership changes were announced by TuSimple on June 21, 2022?

TuSimple announced the promotion of Dr. Ersin Yumer to EVP of Operations and Dr. Lei Wang to EVP of Technology, along with the departure of CFO Patrick Dillon.

How will the new leadership impact TuSimple's future?

The new leadership is expected to drive the transition from testing to scaling TuSimple's autonomous trucking technology, potentially improving operational efficiency.

What is the current status of TuSimple's financial guidance for 2022?

TuSimple reaffirmed it is on track to meet or exceed its previously announced 2022 Adjusted EBITDA guidance.

Why did CFO Patrick Dillon leave TuSimple?

CFO Patrick Dillon left to pursue other opportunities, with no specific reasons provided in the announcement.

What achievements has TuSimple made in autonomous trucking?

TuSimple has driven over 7 million miles with its autonomous vehicles and achieved several industry firsts in autonomous trucking.