Everything seems to be just fine at Baidu (NASDAQ:BIDU), judging by its stock chart. Shares of China's leading search engine hit an all-time high on Friday, continuing a run that began when Google (NASDAQ:GOOG) announced that it may be ready to throw in the towel in China.

However, things aren't as rosy at Baidu if we go by the actions of its executives. Chief Technology Officer Yinan Li resigned for "personal reasons" yesterday, just 10 days after COO Dr. Peng Ye stepped down -- also for "personal reasons."

Executives are certainly entitled to leave their companies, even if it's not entirely their decisions. But investors prefer to see a little stability at the top, especially when two key executives are moving on.

One can always argue that this is the ideal time for a shake-up. Even if Google isn't serious about its threat to bow out of the world's most populous nation, throwing down the gauntlet against a historically unwavering government can be a self-fulfilling prophecy. China can't let Google humiliate it publicly and get away with it.

The catch is that Google's potential exit isn't just an opportunity for Baidu. It's also a dinner bell for Sohu.com's (NASDAQ:SOHU) Sogou, Yahoo! (NASDAQ:YHOO), and maybe even Microsoft's (NASDAQ:MSFT) Bing. In short, it's not as if Baidu can empty out the executive offices and coast at this point.

Shedding executives -- no matter how "personal" the reasons -- is not the message that Baidu wants to be sending with its stock in uncharted waters.

Are bailing executives signs of bigger problems at Baidu? Share your thoughts in the comments box below.

Microsoft is a Motley Fool Inside Value recommendation. Baidu, Google, and Sohu.com are Motley Fool Rule Breakers picks. Motley Fool Options recommends a diagonal call strategy on Microsoft. Try any of our Foolish newsletter services free for 30 days.

Longtime Fool contributor Rick Munarriz has been to China once and relishes admiring its dot-com revolution from afar. He owns no shares in any of the stocks in this article and is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy.