Pinduoduo (PDD) to promote more young leaders to critical roles
- Wall Street rallies, capping frenetic week with best day of the year
- Apple (AAPL) Stock Soars on Another Robust Quarter Fueled by Monster iPhone and Services Numbers, Analysts Raise PTs
- BofA Raises Inflation Forecasts for 2022, Expects Fed to Hike 7 Times in 2022
- Oil hits 7-year peak on political risks, supply crunch
- Visa (V) Shares Soar on Beat-and-Raise, Analyst Encouraged
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
Pinduoduo Inc. (NASDAQ: PDD), China’s largest agriculture platform, said it will promote more young leaders to encourage creativity and innovation.
The company, which turned six in October, is seeing the younger generation maturing quickly as leaders, and will be giving them more opportunities to take on responsibilities so they can gain experience, according to Chen Lei, Chairman and Chief Executive Officer.
“Young talent constantly innovate and bring creativity and vigor. They are shaping the future of this company,” Chen said. “You will see more of them taking on critical roles in the next six to 12 months as we continue to create opportunities for them to step up.”
Chen was appointed CEO on July 1, 2020, and Chairman on March 17, 2021. He made the comments as Pinduoduo reported third quarter results that showed 21.5 billion yuan ($3.3 billion) in revenue and 867.3 million users who placed orders in the trailing 12-month period. The company reiterated its plans to step up investment in agricultural technology.
Commenting on his past year as CEO, Chen said that the transition has been smooth, and the company’s performance has been in line with expectations. The company is increasing R&D efforts for sustainable long-term development, he added.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- SJW Group (SJW) Appoints James P. Lynch as Chief Accounting Officer, Andrew Walters as CFO
- Cullen/Frost Bankers (CFR) Announces Board Changes
- ObsEva SA (OBSV) Issues Corporate Update
Create E-mail Alert Related CategoriesCorporate News, Management Changes
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!