Produced by Sanyan Finance
Musk has reportedly completed the acquisition of Twitter.
Four executives including Twitter CEO Parag Agrawal, CFO Ned Segal, and general counsel Sean Edgett have been fired on the spot by Musk and hurried out of the Twitter headquarters building, according to people familiar with the matter. .
Musk just took over, and he immediately took action on Twitter executives. The speed is unbelievable.
In fact, it is not uncommon for CEOs to be ousted. Today, Sanyan Finance will take you to take stock of the CEOs who were “expelled”.
Sina Wang Zhidong
In 1998, Wang Zhidong founded Sina.com. In 2000, Sina successfully went public in the United States.
On June 1, 2001, Duan Yongji and other five Sina directors suddenly announced at the board of directors that Wang Zhidong was relieved of all positions in Sina.
The reason is that Wang Zhidong insisted that the way out to save portal sites is advertising, but Sina.com’s advertising revenue grew slowly in those years.
At the same time, he firmly opposed the merger plan of CDC and Sina.com, which holds 400 million US dollars in cash.
As a result, without any notice, Wang Zhidong was removed from all positions by the board of directors, and he was not given any opportunity to discuss and explain.
In 2021, Sina will be delisted from Nasdaq. At its peak, Sina’s share price hit a trading record of $147.12, but when Sina was about to delist, the stock price was only $43.26, and its market value shrank to $2.6 billion.
58 Go to the market Yang Haoyong
In March 2005, Yang Haoyong founded Ganji.com. In December of the same year, Yao Jinbo founded 58.com.
After nearly ten years of confrontation, 58.com and Ganji.com reached a strategic merger agreement on April 17, 2015 to jointly establish 58 Ganji Co., Ltd., and they both served as co-chairmen and co-CEOs of 58 Ganji Group.
However, only half a year later, Yang Haoyong was out.
On November 26, 2015, 58 Ganji Group announced that Yang Haoyong stepped down as CEO of 58 Ganji Group and became CEO of Guazi Used Cars.
Guazi used car has completed the spin-off from 58 Ganji, and has become an independent company economically and legally. Yang Haoyong, as an individual investor, invested US$60 million in Guazi Used Cars.
Today, 58 Ganji Group has been upgraded to 58 Group, which includes sub-brands such as 58.com, Ganji.com, China Yingcai.com, Anjuke, 58 Daojia, 58 Agricultural Services, and 58.com.cn.
Auto Home Qin Zhi
In June 2016, Ping An Trust became the owner of Autohome, accounting for 47.7% of the shares. After it became a major shareholder of Autohome, it carried out a major cleaning of the management.
According to an internal letter from Qin, the CEO of Autohome at the time, the company held an interim board of directors and decided that he and Autohome CFO Zhong Yiqi would no longer hold positions related to Autohome. For a time, the CEO and CFO were both kicked out.
According to Autohome’s 2021 annual report, Autohome’s net revenue in 2021 will be RMB 7,237.0 million, compared with RMB 8,658.6 million in 2020; Autohome’s net profit in 2021 will be RMB 2,248.8 million, compared with RMB 2,248.8 million in 2020. 3.4052 billion yuan.
Its second-quarter 2022 financial report shows that the company’s second-quarter net revenue was 1.733 billion yuan, compared with 1.938 billion yuan in the same period last year; the net profit attributable to Autohome was 435 million yuan, compared with the net profit in the same period last year. 754.9 million yuan.
From the data point of view, the revenue and net profit of Autohome are showing a further downward trend.
Thunder Chen Lei
On November 3, 2014, Chen Lei officially served as the CTO of Xunlei, becoming the first officially appointed CTO of Xunlei in more than ten years.
On November 19, 2015, Xunlei announced the appointment of Chen Lei as the co-CEO of Xunlei Network Technology Co., Ltd. At the same time, Chen Lei stepped down from the post of CTO.
On June 29, 2017, Xunlei announced that co-CEO Chen Lei would serve as Xunlei CEO and director, effective July 6, 2017.
On April 3, 2020, Xunlei Group suddenly announced that the board of directors elected Li Jinbo as the new chairman and will replace Chen Lei as the new CEO of Xunlei Group and its subordinate Xunlei, Wangxin and other affiliated companies. The former chairman Chen Lei is still a member of the board of directors.
On October 8, 2020, Xunlei issued an announcement stating that Chen Lei and others were suspected of embezzlement, and the Shenzhen Municipal Public Security Bureau had filed a case for investigation of Chen Lei and others suspected of embezzlement.
According to Xunlei’s unaudited financial report for the first quarter of 2022, the company’s total revenue in the first quarter was US$79 million, an increase of 11.1% from the previous quarter and a year-on-year increase of 48.4%, in line with expected revenue guidance.
Quick Lu Chuanwei
On February 14, 2015, Didi Dache and Kuaidi Dache announced a formal merger through a 100% share swap. After the merger, Didi Dache CEO Cheng Wei and Kuaidi Dache CEO Lv Chuanwei will also serve as CEOs. The personnel structure of the two companies will remain unchanged, the business will continue to develop in parallel, and will retain their respective brands and business independence.
However, this co-CEO system has only lasted within the company for less than a month. After that, Lu Chuanwei sold all his Kuai shares and faded out of the public eye.
South Beauty Wang Xiaofei
In 2000, Zhang Lan founded the restaurant brand “South Beauty”, and her son Wang Xiaofei officially took over as CEO of South Beauty Restaurant Group in 2011.
But in 2008, Zhang Lan wanted to use capital to develop. When introducing CDH Ventures, Zhang Lan signed a so-called gambling agreement with it, that is, South Beauty could not go public as agreed, and CDH had the right to withdraw from South Beauty by repurchase.
As a result, South Beauty failed to go public within the stipulated time, triggering an equity repurchase agreement. However, Zhang Lan couldn’t get so much money, so he could only be forced to sell his shares, changing from an absolute controlling shareholder to a minority shareholder.
In March 2015, Wang Xiaofei no longer served as the legal representative of South Beauty; in May 2015, Wang Xiaofei resigned from the board of directors and no longer served as a director of South Beauty; in August 2018, Zhang Lan resigned from the board of directors and no longer served as a director of South Beauty.
So far, Zhang Lan and Wang Xiaofei’s mother and son have both resigned from the board of directors and are completely out.
In the following years, South Beauty’s management disputes continued, resulting in a serious decline in the brand, the company’s management has also changed several times, and the controlling rights have been repeatedly held by investment institutions, and the company’s development has been in trouble.
It is reported that more than half of South Beauty’s stores have been closed, and its official website is now unavailable.
Are you hungry? Zhang Xuhao
In 2008, Zhang Xuhao founded the local life platform “Eleme”.
As of July 2017, Ele.me has raised a total of US$2.34 billion in financing. Investors include world-class companies and investment institutions such as Alibaba, Ant Financial, CITIC Industrial Fund, Chinese Cultural Industry Fund and Sequoia Capital.
In April 2018, Alibaba Group and Ant Financial completed a wholly-owned acquisition of Ele.me for US$9.5 billion. At the same time, Wang Lei, vice president of Alibaba Group, became the CEO of Ele.me.
Zhang Xuhao once said that he has calmly accepted the exit, “Ele.me has given me financial freedom, and exiting the game is considered a success in starting a business.”
And Ele.me, Gaode and Fliggy form a new life service section.
In August this year, Ele.me and Douyin jointly announced a cooperation. The two parties stated that they will work together to explore the upgrade of new scenarios of local life services, and bring a new local life experience of “see, click, and reach” in the video era.
Jobs and Steve founded Apple in their garage in 1976, and in 1985 was awarded the National Medal of Technology by President Reagan.
However, because Jobs’s business philosophy was different from that of most managers at the time, and because he was frustrated with big companies such as IBM, general managers and directors blamed Chairman Jobs for the failure.
In April 1985, Jobs’ management power was revoked by a resolution of the board of directors.
It turns out that Jobs’ departure did not make Apple better, and in 1997, Jobs returned to Apple.
Today, Apple is the world’s largest company by market capitalization.
Today, Strategy Analytics released a report saying that global smartphone shipments in Q3 2022 will drop by 9% year-on-year to 297 million units.
Among them, Apple ranked second with a market share of 16%, which is its highest level in Q3 in the past 12 years.
The original CEO was expelled, will Twitter in Musk’s hands be good?
Although it is nothing new for CEOs and even founders to be kicked out, looking back at these CEOs, most of them lost control because of the involvement of capital.
Some are due to the needs of the development of the giants, and they are acquired and connected with the giant’s business; some are indeed bottlenecks and difficulties in the development of the company, and they have to sell shares or even control if they need to invest in; .
However, their development is mostly unsatisfactory, which is related to the “lifespan” of the enterprise.
It is reported that after the departure of Twitter’s CEO, Musk may temporarily serve as CEO, but in the long run, he may hand this position to someone else. Twitter’s long-term performance has been sluggish, and Musk may not be able to boost it in the short term. Musk’s reform measures such as cleaning up fake accounts may be more personal. In the case of heavy Twitter users accounting for less than 10% of the month, the only thing that can be witnessed is The effect of the reform may be to transform Twitter into a one-stop super APP similar to WeChat to see if it can increase active users, which also involves issues such as payment habits.