Chinese b-to-b and b-to-c used auto marketplace Uxin (Nasdaq: XIN) has announced that COO William Peng has resigned “due to his pursuit of other career interests in the investment area.” Peng’s exit marks the second time that Uxin has shaken up its senior executives in just the past six months.
Kun Dai, the company’s founder, chairman and CEO, will directly oversee the company’s business operations going forward, Uxin added in a public statement.
36kr.com is quoting the following from Peng on his departure (originally in Chinese): “During my tenure at Uxin, I have witnessed the persistence and courage of Uxin and Kun Dai to change the used car industry. I am very proud that I have been part of a company that has led the used car industry into the era of online trading.”
In July, Uxin announced that it would divest its financing facilitation business — which accounts for more than half of the company’s revenue — to financial technology platform Golden Pacer. Uxin took an undisclosed stake in Golden Pacer as part of the deal. Golden Pacer’s majority shareholder is classifieds giant 58.com (NYSE: WUBA), suggesting that the sale may be only the latest ramification of the $100 million U.S. investment it made in Uxin in late May.
Following the deal, 58.com CEO Michael Yao Jinbo was named to the board of directors of Uxin amidst a significant executive shake-up.