Nio's U.S. CEO Announces Sudden Resignation
The Shanghai-based company, often referred to as the “Tesla of China” and a top player in the nascent electric car industry, said Warrior had decided to resign “for personal interests.”
In an unexpected announcement late today, electric vehicle maker Nio Inc. (NYSE: NIO) said that Padmasree Warrior, the company's high-profile chief development officer and the chief executive officer of its U.S. operations, would resign from the company in two weeks.
The Shanghai-based company, often referred to as the "Tesla of China" and a top player in the nascent autonomous and electric car industry, said Warrior had decided to resign "for personal interests" from Dec. 17. No further details were available.
"We want to express our thanks to Ms. Warrior for her service with NIO in the past three years," said William Li, founder, the company's chairman and chief executive officer. "Ms. Warrior has contributed to our growth and development through her leadership and rich experience. We wish her the best in her future endeavors."
Shares in Nio responded quickly to the news, falling in after-hours trading. The company's stock, which closed Thursday at $7.79 per share, down 33 cents, dropped an additional 9 cents soon after the announcement.
Prior to joining Nio, the 57-year-old Warrior served as Chief Technology and Strategy Officer of Cisco Systems Inc., where she worked for five years. She joined Cisco after holding several positions at Motorola Inc., including as Chief Technology Officer from 1999 to 2007.
"I am proud of all the accomplishments the NIO team has achieved," said Warrior, who worked out of Nio's U.S. offices in San Jose, Calif. "Personally, I am pleased to have had the opportunity to outline the technology vision and build a world class team in Silicon Valley. I look forward to seeing continued success of NIO in the future."
Founded in 2014, Nio went public in New York less than three months ago. It sold $1 billion worth of stock at $6.26 per share, just above the low end of its expected range.
The company, which is seen as the primary rival to Tesla in China for the electric car market, began deliveries of its ES8, a seven-seater SUV in China in June and expects to introduce its ES6, a five-seater SUV by the end of this year.