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TuSimple Announces Board Changes

TuSimple, a global autonomous driving technology company, announced changes to the composition of the Board of Directors. 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 fulfill 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.

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TuSimple values Mo Chen’s significant contributions to the company, and thanks him for his dutiful service on the Board of Directors since the company’s inception in 2015. The Company 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.

“The changes announced today reflect a thoughtful, and strategic process by the TuSimple Board,” said Xiaodi Hou, Co-Founder and CEO, TuSimple. “I thank Mo Chen for his successful tenure on the Board as he was instrumental in setting the roadmap for TuSimple’s ongoing success, and we welcome Reed Werner who brings a wealth of experience, leadership, and Governmental oversight that will be important as the company focuses on continuing to grow its business. Elevating Brad to Lead Independent Director is part of our ongoing commitment to enhancing corporate governance and I look forward to partnering with him.”

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