Tencent Tech, 3/13/12
In an e-mail announcement today, Chinese internet company Netease (Nasdaq: NTES) said that Li Yong, president of Netease's portal business, would step down on April 8, after which Li Li and Zhao Ying will be named corporate vice presidents in charge of Netease's portal business.
Li Li currently serves as Netease's general manager for national portal sales, and has been with the company for 12 years. Zhao is Netease's chief editor for portals, and has been with the company for seven years.
A source familiar with the matter said that after Li Yong submitted his letter of resignation, Netease CEO William Ding had attempted to offer him "attractive terms" to stay on, including permission to split the portal business division off from the rest of the company, with managers to hold a 15% stake, but that Li had decided to leave the company to pursue other projects.
Editor's Note: For more information on this topic, please see "Rumor: Netease Portal Business President Resigns," MD 3/09/12 issue.