Shen Haoyu, COO of Beijing-based IT products B2C e-commerce platform 360Buy, has formally resigned according to a source within the company.
Shen's departure is reportedly connected to problems with 360Buy's planned H2 2012 IPO, and CEO Liu Qiangdong may have been forced to relieve Shen of his duties due to investor pressure, but 360Buy VP of public relations Wu Sheng denied the rumors.
Editor's Note: 360Buy has denied the rumors of Shen's resignation, according to CCIDnet.com, while Sina Tech has reported that Shen may return to Baidu (Nasdaq: BIDU). For more information on this topic, please see "Rumor: Former Baidu Senior VP to Join 360Buy," MD 7/08/11 issue. In an October 8, 2012 telephone interview with Marbridge, Shen Haoyu denied the rumors, said he remains at 360Buy, and added that he had no idea what the source of the rumors might be.