Beijing Business Today, 1/25/10
Chairman Tan Qunzhao has assumed the role of CEO of Shanda Games (Nasdaq: GAME), the online gaming subsidiary of Shanda Interactive Entertainment (Nasdaq: SNDA), following Diana Li's departure as both CEO and board member in order to start her own business.
Tan, meanwhile, will resign as president of Shanda Interactive in order to focus on his new duties, though he will remain a board member. Chairman and CEO Chen Tianqiao will assume Tan's duties.
Li said she could not yet divulge the target industry for her new venture, but confirmed it would not be in the gaming industry. Li said her new venture would be in a relatively traditional industry that she has followed for four or five years, and which she hopes to bring to the Internet.
Li said the new company will require a year to fully develop a business model, but will begin rolling out products within six months.
Li will launch the new venture with her husband, who will serve as chairman, while Li will be responsible for operations, management and implementation.
Li added that the venture has already completed first-round venture funding, and that Chen Tianqiao and his wife fully support the project and intend to invest.