Renren to Downsize Gaming Business

Tencent Tech, 11/14/13

Joe Chen, CEO of Beijing-based social networking site operator Renren (NYSE: RENN), has revealed in an internal email that the company's social networking site Renren.com constitutes its core business, and that the company will dial back its gaming business.

Chen acknowledged that results from the company's gaming business have not been satisfactory the last few quarters, trending from high growth, to low growth, to negative growth. The decline in the gaming business is attributable to fierce competition in the domestic gaming market, as well as mismanagement and poor execution.

Chen also confirmed that He Chuan, CEO of Renren Games, has taken a leave of absence for health-related reasons. Renren COO Liu Jian has temporarily assumed control of Renren Games.

Editor's Note: For more information on this topic, please see "Rumor: Renren Games CEO Takes Hiatus," MD 11/06/13 issue.

Keywords: online gaming He Chuan Liu Jian Internet Renren RENN Joe Chen HR

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