Baidu COO resigns for 'personal reasons'

Baidu’s Chief Operating Officer Peng Ye has stepped down  for "personal reasons," the Wall Street Journal reported. The company said in a statement that the resignation was effective immediately but did not name any successor. At the same time, Haoyu Shen was promoted from vice president of business operations to senior vice president, and Zhan Wang was promoted from senior director of business products to vice president. Baidu has a commanding share of the internet search market in China. In October it reported a 42% increase in third-quarter earnings, but the company’s fourth quarter for the fourth-quarter were lower than analysts anticipated.