What happened: Mobike co-founder and CEO Hu Weiwei has resigned for “personal reasons.” The 36-year-old entrepreneur announced her departure in an internal letter to the company’s employees on Sunday. She said that she had completed her mission at the bike-rental firm and had decided to move on. The letter was quickly uploaded to Chinese social media. Mobike’s current president, Liu Yu, will succeed her as CEO.
Why it’s important: Hu’s resignation comes at a tumultuous time in China’s bike-rental industry. Rival firm Ofo has been in crisis mode after more than 12 million users requested their deposits be returned to them, potentially putting the company in more than RMB 1 billion ($145 million) of debt. Mobike was acquired by Chinese lifestyle app Meituan Dianping earlier this year, though the company has experienced sustained financial losses. Hu decided to stay amid the sale. However, how much she earned from the deal has not been disclosed.