Li Mingyuan, former vice president of Baidu, attends a conference in Beijing, August 22, 2013. REUTERS/Stringer

A top Baidu Inc executive, widely seen as a potential successor to chief executive Robin Li, has resigned after an internal company probe found conflicts of interest involving another firm acquired by the Chinese search engine giant.  Li Mingyuan, 32, known as the “prince” of Baidu within China’s tech community, stepped down following the investigation, according to an internal email seen by Reuters and independently confirmed by two people at the firm.

The memo, sent to Baidu employees on Friday evening, said Li had engaged in “huge” economic dealings with a person in charge of a separate company acquired by Baidu. The note did not reveal further details of the transaction or the company involved.

Source: Reuters