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Baidu, Inc. Form 6-K Report: Governance Changes & New Director Announcement - Feb 2025

$BIDU
Form 6-K
Filed on: 2025-02-24
Source
Baidu, Inc. Form 6-K Report: Governance Changes & New Director Announcement - Feb 2025

Here are the key insights extracted from the provided section of the financial report (Form 6-K) for Baidu, Inc.:

  1. Document Type: The report is filed as a Form 6-K, which is a report of foreign private issuers.
  2. Reporting Period: The report pertains to the month of February 2025.
  3. Company Details:
  • Name: Baidu, Inc.
  • Address: Baidu Campus, No. 10 Shangdi 10th Street, Haidian District, Beijing, 100085, The People's Republic of China.
  • Commission File Number: 000-51469.
  1. Changes in Governance:
  • New Appointment: Ms. Xiaodan Liu has been appointed as an independent director and the chair of the audit committee, effective February 23, 2025.
  • Predecessor: She replaces Mr. Brent Callinicos, who resigned for personal reasons. It is noted that his resignation was not due to any disputes with the company.
  1. Independence: Ms. Liu meets the independence requirements as per Rule 5605(a)(2) of the Nasdaq and qualifies as an audit committee financial expert under Rule 10A-3.
  2. Professional Background of Ms. Liu:
  • She is the managing partner of FirstLight Capital, a prominent private equity firm in China.
  • Formerly served as CEO and Chairperson of Huatai United Securities, leading the firm to significant recognition in the investment banking sector.
  • Has experience as Chairperson of AssetMark Financial Holdings and as an independent director for China Pacific Insurance.
  • Involved in capital markets policymaking, including serving on the M&A and Restructuring Committee of the China Securities Regulatory Commission.
  1. Acknowledgment: The company expresses gratitude for Mr. Callinicos's contributions and welcomes Ms. Liu to the board.
  2. Signature: The report is signed by Junjie He, who is the Interim Chief Financial Officer, indicating the date of signing as February 24, 2025.

These insights highlight significant changes in Baidu's board composition, which could impact governance and strategic direction, particularly in oversight and financial expertise.