Baidu Inc said Jennifer Li stepped down as its chief financial officer and the biggest search engine operator in China named Herman Yu as its new CFO, effective immediately.

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Li, who is also chief executive of its private equity unit Baidu Capital, will serve as a senior adviser to senior management, the company said in a statement.

Yu joins Baidu from Chinese social media platform Weibo Corp, where he was CFO since 2015, Baidu said.

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