TuSimple, a global autonomous driving technology company announced changes to the composition of the Board of Directors. On April 23, 2022, the TuSimple Board of Directors appointed Reed Werner to fill a vacancy on the Board, and announced that Mo Chen, co-founder and Board of Directors member has decided not to stand for re-election. Chen will fulfil his tenure on the Board through the annual meeting. Additionally, TuSimple announced that current Director Brad Buss has been appointed Lead Independent Director of the Board.
Concurrently with Werner’s appointment, the TuSimple Board established a Government Security Committee, in accordance with the agreement between TuSimple and The Committee on Foreign Investment in the United States National Security Agreement (“NSA”) which commenced in February 2022. Presently, Werner serves as the Security Director under the NSA and has been appointed Chair of the TuSimple Government Security Committee. Furthermore, Werner has been appointed to the Company’s Audit Committee. The Board has determined that Mr. Werner meets the requirements for independence under the applicable listing standards of The Nasdaq Stock Market and the Securities Exchange Act of 1934, as amended.
TuSimple intends to pursue adding additional independent members to the Board as part of its overall corporate governance focus. Chen remains a significant shareholder and an enthusiastic supporter of the company, Co-Founder and CEO, Xiaodi Hou, the Board of Directors and management team.