Two Kuaishou Executives Depart Firm
On August 5, Chinese media outlet Leiphone reported that Peng Jiatong, the business assistant of former Kuaishou CEO Su Hua, had left the job. At the same time, Li Yongbao, the firm’s head of business algorithm strategy, has resigned for unknown reasons.
Li Yongbao joined Kuaishou in 2016, and was the core person in charge of building Kuaishou’s commercial algorithm strategy system.
Peng Jiatong joined 58.com, a Chinese online classifieds marketplace, in 2018, serving as vice president and responsible for the management of human resource group’s operation and sales. Peng joined Kuaishou in May 2020 as the business assistant of Su Hua.
Peng joined Kuaishou to manage its online education business, but failed. Since then, Kuaishou and Baidu invested Q&A platform Zhihu, and Peng served as non-executive director of Zhihu.
At the end of last year, there were huge changes in the top management team of Kuaishou. On October 29, Kuaishou announced that its co-founder Su Hua had relinquished the role of CEO, and Cheng Yixiao, another co-founder, executive director and chief product officer, had been appointed as CEO. Peng Jiatong, who served as CEO assistant for one and a half years, stayed on at the company.
In May this year, Zhihu announced that Peng Jiatong had resigned as a non-executive director, claiming that Peng needed to devote more energy to other businesses.
Three months later, Leiphone got wind that Peng had offered to leave the job. This is likely because there was no suitable position for Peng after Su Hua left, or because Peng was no longer optimistic about the development of Kuaishou.
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On May 24, Kuaishou released its first quarter results for 2022. The company achieved revenue of 21.1 billion yuan ($3.13 billion) in the first quarter, a year-on-year increase of 23.8%. The contribution of online marketing services, livestreaming and other services (including e-commerce) to total revenue accounted for 53.9%, 37.2% and 8.9% respectively. Its adjusted net loss reached 3.72 billion yuan.