Baidu Inc (BIDU.O)
22 May 2018
* BAIDU ENTERS INTO DEFINITIVE AGREEMENTS TO DIVEST ITS GLOBAL DU BUSINESS
BEIJING Lu Qi, who oversaw Baidu Inc's shift to artificial intelligence (AI) after a damaging ad scandal in 2016, is stepping down as chief operating officer, China's biggest search engine said on Friday.
BEIJING, May 18 Lu Qi, who oversaw Baidu Inc's shift to artificial intelligence (AI) after a damaging ad scandal in 2016, is stepping down as chief operating officer, China's biggest search engine said on Friday.
BEIJING, May 18 China's top search engine, Baidu Inc, said on Friday its Chief Operating Officer Lu Qi will step down.
BRIEF-Qi Lu To Transition Into New Role At Baidu, Baidu Promotes Haifeng Wang To Senior Vice President
* QI LU TO TRANSITION INTO NEW ROLE AT BAIDU, BAIDU PROMOTES HAIFENG WANG TO SENIOR VICE PRESIDENT
* QTRLY TOTAL REVENUES WERE RMB 20.9 BILLION ($3.33 BILLION), INCREASING 31% YEAR OVER YEAR
China's Baidu Inc said it will sell a majority stake in its financial services business for about $1.9 billion to a consortium led by TPG Capital Management LP [TPG.UL] and Carlyle Group LP, as it seeks funding to take on established fintech firms in China.
* Consortium led by private equity firms TPG Capital, Carlyle
* Baidu stake in financial unit will fall to 42 pct (Adds details from statement, background)
* BAIDU ENTERS INTO DEFINITIVE AGREEMENTS TO DIVEST ITS FINANCIAL SERVICES BUSINESS