OYO China’s senior management team has fallen apart, how much opportunity does it have in China? The title picture is from Visual China, and this article is from public micro-channel number: weather SCIENCE (ID: iawtmt) , author: ZhangJiLong, editor: Luo Lijuan
On July 7th, 24/7 Technology exclusively learned that OYO China CFO Li Wei had (July 6th) left from OYO China yesterday .
It is understood that on July 6, Anuj Tejpal, the Chinese subsidiary of OYO Hotel, released an internal email about Li Wei’s departure. All-weather technology obtained a screenshot of the email, “Mr. Li Wei(Wilson) has decided to leave OYO China and seek other career ambitions to meet new challenges. As a true partner, we respect his decision and fully support him.”
“He has made valuable contributions in the past two years, and these contributions will always be rooted in OYO China.” In the email, Anuj Tejpal commented on Li Wei.
Screenshot of OYO internal mail
For the news of leaving, Li Wei himselfConfirmed to All Weather Technology, the news is true. However, for the next step, he said, “the time has not yet come.”
For Li Wei’s resignation, some former OYO employees were not surprised, “he should not be responsible for the business for some time”, an OYO leaving employee said that in the circle of friends, Li Wei forwarded OYO China’s last The content was three months ago, when OYO was reported to have received $807 million in Series F financing led by Softbank.
The first Chinese executive to join OYO
It is understood that Li Wei joined OYO China as CFO in September 2018. When OYO China was just established, Li Wei was the first Chinese executive to join. Prior to this, he rented cars at GE, Hengxin Financial Leasing and China Serve.
Li Wei once said that his association with OYO was due to the introduction of a former GE colleague. Out of curiosity about OYO founder Ritesh Agarwal, Li Wei, who worked at a car rental in China and worked in Beijing, flew to Shanghai and Ritesh. When they met, the two chatted until three in the morning. After that, Ritesh and AYOj Tejpal, another co-founder of OYO, flew to Beijing to meet with Li Wei again for a long talk. These meetings led to Li Wei joining OYO.
Li Wei joined OYO in September 2018
In September 2018, OYO Hotel announced that Li Wei had assumed the position of CFO. Li Wei became the first CXO-level executive of the Chinese team.
After Li Wei, OYO Hotels intensively introduced a team of senior executives from China, including the Chief Human Resources Officer (CHO) Ling ZhenText, Chief Operating Officer (COO) Shi Zhenkang, Chief Technology Officer (CTO) Zou Jia, Chief Income Officer (CRO) Zhu Lei and so on.
During his tenure at OYO, Li Wei had a good reputation among some employees. “People are very Gentleman. After all, foreign companies have spent a long time and are very qualified.” Some retired employees said that Li Wei is very patient with his employees. “For example, the people below him, some people are not used to OYO, some leaders may just let employees leave, he will go talk to the employees, change jobs or something.”
The above-mentioned OYO employees also stated that when he first entered OYO, Li Wei was “relatively motivated.” Although the position was CFO, in the early days, Li Wei also appeared in front of the media as the person in charge and spokesperson of OYO. In an interview with the media, “He still wants to do things at OYO when he comes in.”
As a result, Li Wei was heavily reused at that time and was the most senior local executive in the OYO hotel. The offline team also needed to report to it. In addition, according to another former employee of OYO, only two of OYO’s Chinese executives are partners, one is CFO Li Wei, and the other is former COO Shi Zhenkang.
However, after OYO China has absorbed more executives, Li Wei’s power seems to have been somewhat weakened, and he himself has even disappeared from public view for a long time. “Since Zhu Lei (Chief Revenue Officer CRO), he has (Li Victoria) has been refrigerated for almost half a year.” An OYO employee said, “It may be that Indians don’t trust him very much.”
The departing employee believes that one of the mistakes Li Wei made in OYO China was the acquisition of Qianyu Hotel. In March 2019, OYO China completed a 100% equity acquisition of Beijing Shell Youjia Technology Co., Ltd., the parent company of the accommodation brand “Qianyu”.
It is understood that the project is led by Li Wei. After the acquisition, Li Wei became the executive director of the latter. “He wanted to hold high ground.” However, Qianyu also broke out a lot of problems, the core executives left, and many employees were disbanded.