Peng Gang Resigns as CEO of Ride-Hailing Startup Yidao Yongche
Chen Juan
/SOURCE : Yicai
Peng Gang Resigns as CEO of Ride-Hailing Startup Yidao Yongche

(Yicai Global) July 27 -- Peng Gang, the chief executive of ride-hailing startup Yidao Yongche, and several other senior executives have resigned after Tao Yun Capital replaced Chinese internet company LeEco as the controlling shareholder of the online taxi business.

Peng sent in his resignation, and the new controlling stakeholder has accepted it, Thepaper.cn reported today. He is expected to leave the firm in late August or early September.

Peng worked as the chief marketing officer at Leshi Holding (Beijing) Co. before joining Yidao Yongche in February last year. He became the chief executive and was tasked with overseeing strategies and management following the resignation of Yidao's founder Zhou Hang in April.

LeEco bought a 70-percent stake in Yidao for USD700 million in July 2015 and reportedly pumped USD593.7 million (CNY4 billion) into the enterprise.

Tao Yun Capital said that it had reached an agreement with LeEco regarding the acquisition of Yidao on July 14. It made its first capital injection into the target on June 30. Three days later, Yidao disclosed that its chief financial officer, chief technology officer, legal vice president, and human resources VP (Ren Ruxian, Yuan Bin, Liu Xiaoqing and Ma Dong, respectively) had applied to resign and their applications had been approved.

Yuan, Liu and Ma joined the company after some of its founders resigned on April 21. All four departing Yidao employees had previously held key positions at LeEco. Yuan was the CTO at Leshi Internet Information and Technology Corp. and a co-president at of LeEco's global internet technology EUI operating system and artificial intelligence platform.

Tao Yun Capital will inject another CNY2 billion to CNY3 billion into the company in future, Wen Xiaodong, the investment firm's chief executive, said in an interview.

Tao Yun Capital is a conglomerate specializes in private equity investment, securities and financial services. It has CNY20 billion of assets under its management. Its businesses include financial investment, consumer goods, new energy and automobile, culture, sports, tourism and TMT (technology, media and telecommunications).

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Keywords: LEECO , Yidao Yongche , Investment , Senior Management , People