Nio stock drops as CFO resigns

Shares in Nio (NYSE: NIO) fell in premarket trading Friday after the company announced its CFO Steven Wei Feng has resigned due to personal and family reasons.

Nio’s US-listed shares fell 2% in the market pre-open, while its Hong Kong stock dropped less than 1%.

Nio has appointed Senior Vice President of Finance, Stanley Yu Qu, as the new chief financial officer.

Qu, who joined Nio in October 2016, has shown strong expertise and leadership in managing the company’s financial and reporting functions, the company noted.

Before joining Nio, Qu held several financial leadership positions at multinational companies, including Lear Corporation and Johnson Controls, from 2013 to 2016. He also spent a decade at PricewaterhouseCoopers earlier in his career.

By Vahid Karaahmetovic

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