"The San Diego-based company said in a news release and securities filing that its board of directors on Sunday had ousted Mr. Hou, who was also the board chairman and chief technology officer.
Mr. Hou was fired in connection with a continuing investigation by members of the board, the release said.
"Fundamentally, we lost trust and confidence in Dr. Hou's judgment, decision-making, and ability to lead the company as CEO," TuSimple's independent board of directors said in a statement.
The securities filing said that the board's investigation found that TuSimple this year shared confidential information with Hydron Inc., a trucking startup with operations mostly in China and funded by Chinese investors. The filing also said that TuSimple's decision to share the confidential information with Hydron hadn't been disclosed to the board before TuSimple entered into a business deal with Hydron.
TuSimple said it didn't know whether Hydron shared or publicly disclosed the confidential information.
In a statement posted on LinkedIn, Mr. Hou asserted his innocence and said his firing was "without cause."
"Unfortunately, the Board's processes and conclusions have been questionable at best," Mr. Hou wrote. "As the facts come to light, I am confident that my decisions as CEO and Chairman, and our vision for TuSimple, will be vindicated."
Mr. Hou's termination was announced the day after The Wall Street Journal reported that TuSimple and its leadership, principally Mr. Hou, faced investigations by the Federal Bureau of Investigation, Securities and Exchange Commission and Committee on Foreign Investment in the U.S., known as Cfius, into whether the company improperly financed and transferred technology to Hydron, according to people with knowledge of the matter.
TuSimple's stock plunged more than 45% in Monday trading. Shares in the company are down more than 90% for the year.
Investigators at the FBI and SEC are looking at whether Mr. Hou breached fiduciary duties and securities laws by failing to properly disclose TuSimple's relationship with Hydron, the China-backed startup founded in 2021 by TuSimple co-founder Mo Chen that says it is developing autonomous hydrogen-powered trucks, the Journal reported. Federal investigators are also probing whether TuSimple shared with Hydron intellectual property developed in the U.S. and whether that action defrauded TuSimple investors by sending valuable technology to an overseas adversary.
Mr. Chen didn't respond to a request for comment.
The Journal also has reported that the board in July began investigating similar issues, including whether TuSimple incubated Hydron in China without informing regulators, the TuSimple board or its shareholders. A June business presentation from Hydron viewed by the Journal named TuSimple as Hydron's first customer, and said TuSimple would purchase from Hydron several hundred hydrogen-powered trucks equipped with self-driving technology. A TuSimple spokesman said the company has considered an agreement to buy freight trucks from Hydron but isn't a Hydron customer.
Mr. Hou said in his statement that he fully cooperated with the board and that "I have nothing to hide."" [1]
1. TuSimple Fires CEO Amid Board, Federal Probes
Somerville, Heather; O'Keeffe, Kate.
Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]. 01 Nov 2022: B.4.
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