The Chinese web services company Baidu announced the appointment of its new chief financial officer, Herman Yu. His appointment is effective immediately.
Prior to joining Baidu, Herman was with Weibo Corp. as the CFO since 2015. Before Weibo, Yu was with Sina Corp. and has also worked with Adobe and Verifone. Yu is a California Certified Public Accountant. He is also serving on the board of 58.com Inc., ZTO Express Inc. and Tian Ge Interactive Holdings Ltd.
“I am deeply honored to join Baidu, a world-class technology company,” said Yu. “I look forward to working with Baidu’s talented management team to realize the tremendous potential in the AI era.”
Yu will be replacing Jennifer Li, who is considered one of the most powerful female tech executives of China. She held the position of CFO in Baidu for almost a decade. While Yu will be taking over this position, Li has stepped down as a CFO to become a senior advisor to Baidu’s top management. Li, whose role change was announced in April, will continue to be the CEO of Baidu Capital, a private equity firm focused on AI-enabled opportunities.
“We are delighted to have Herman Yu join our executive team at Baidu,” said Robin Li, Baidu’s chairman and CEO. “Herman brings invaluable financial management, capital market and leadership experience, having served as CFO of U.S.-listed Internet companies for 10 years, as well as having held management roles at high-tech companies in both the U.S. and China. I look forward to working with Herman in his new capacity as Baidu enters the next stage of growth in the AI era.”
Yu’s appointment is timed with the rebounding profit growth at Baidu. The Beijing-based company last year got hit by a medical advertising scandal that directly affected its revenues. However, in the latest quarter the company’s focus on mobile and artificial intelligence helped boost its revenues.
With the company’s shift in focus toward artificial intelligence, Herman Yu is just one of the new additions. In January, Baidu appointed Lu Qi, a leading AI expert and former Microsoft executive, as chief operating officer.