Wednesday, 2 January 2008

Baidu’s CFO Dies Tragically Over the Holidays

Leading Chinese language Internet service provider, Baidu.com, lost its Chief Financial Officer (CFO) suddenly over the Christmas vacation period.

Shawn Wang, passed away on December 27, 2007 in an accident in China.

"We are all completely shocked and deeply saddened by this tragic news," said Robin Li, Baidu's Chairman and CEO in a statement.

"Shawn's leadership and vision helped transform Baidu into a leading US public company, and his presence will be greatly missed. Shawn was not only a tremendous leader within our company, but also a wonderful friend to us all. We extend our deepest sympathy and most sincere condolences to Shawn's family."

Under Mr. Wang's leadership, Baidu has built an effective financial reporting system in compliance with the Sarbanes-Oxley Act. His duties will be assumed on an interim basis by the senior management team, including the senior finance personnel, until a successor is appointed.

Mr. Wang joined Baidu as its chief financial officer in September 2004, helping lead the company through its successful initial public offering on NASDAQ in August 2005, and through its recent inclusion in the NASDAQ-100; making Baidu the first company from China to be included in the index. He was named "CFO of the Year" by CFO Magazine in 2005.