Benzinga | Mar 17, 2021 06:46AM EDT

Pinduoduo Founder Colin Huang Steps Down From Board, CEO Chen Lei To Take Position Of Chairman



SHANGHAI, China, March 17, 2021 (GLOBE NEWSWIRE) -- Pinduoduo announced that its founder, Colin Huang, has stepped down from the board of directors effective today to pursue research in the food and life sciences, disciplines where breakthroughs could drive the future of China's largest agriculture platform.

Huang was succeeded as Chairman by Chen Lei, who will also continue to serve as Chief Executive Officer. In a related move, Huang entrusted the Board to exercise his voting rights as a shareholder and pledged not to sell his shares for a further three years. The 1:10 voting rights attached to Huang's shares have also been removed as he no longer has executive responsibilities at the company.