Mobike Founder Hu Weiwei Steps Down as CEO

Mobike Hu Weiwei

On Dec. 23, Mobike’s internal letter disclosed that Mobike founder Hu Weiwei resigned from the position of Mobike’s CEO for personal reasons, with the president of the company Liu Yu taking her place. Hu claimed that she has “completed her task at the current stage” as CEO.

In her letter, Hu expressed her love and expectations for the company, “As a founder, I love Mobike like my own child. However, we all know that the best way to love someone is not to keep them by your side, but to learn to let go at the appropriate time, allowing them to grow up faster. Now I think it’s the best time for me to let go.”

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She also ended the letter in clarifying there is no internal struggles inside Mobike. “No conflicts, and no organizational disputes. (sorry to disappoint the media)”

Wang Xing, CEO of Meituan, commented, “We are all grateful for Hu’s efforts in establishing the excellent brand that is Mobike, as well as building an outstanding team.”

Back in April this year, the bike-sharing giant was bought by e-commerce platform Meituan for $2.7 billion. After the acquisition, Wang Xing began to serve as chairman of the company, with Hu as CEO and Liu, a former special adviser to Mobike, as president. Meituan stated in its internal letter that Mobike will maintain its independency in terms of branding and operations.

However, ever since the acquisition, the founding team has been gradually marginalized. Nearly a month after the acquisition, the only early members left are Hu Weiwei and Xia Yiping, with the latter being appointed a marginalized position.

Just like the old saying goes, “Those who suit their actions to the times are wise.” Regardless of what lied behind Hu’s resignation, she was indeed a wise player and stood in stark contrast to ofo’s founder Dai Wei, who seems to be struggling to the very end. From a mere reporter to the founder of a tech giant, she has achieved financial freedom. According to media reports, she cashed in 1.5 billion yuan ($217 million) in total after the acquisition.

As she stated in the letter, “I will continue to invest my time and energy in this field (travel).” She has earned herself a decent finale as Mobike’s CEO.

Featured photot credit to scmp.com