Rumor: Sina to Replace CEO
36Kr, 12/19/12
The board of directors of Chinese internet company Sina (Nasdaq: SINA) plans to appoint COO Du Hong as CEO, replacing Charles Chao who will remain as chairman, according to a Hong Kong investor.
The rumor was confirmed by a source at a financial institution that assisted in Sina's recent MBO, though the source added that the move may have been due to other factors.
Sina editor-in-chief Chen Tong, however, dismissed the rumors as false, as did Du, while Chao has yet to comment on the reports.
Wang Gaofei, VP and GM of Sina's wireless division, has already replaced Peng Shaobin as GM of the Sina Weibo division, and the two divisions will be merged in January 2013. Peng has been phased out of his responsibilities overseeing the microblogging business in the past six months. According to an industry insider, the reorganization is meant to position Sina Weibo as the foundation of the company's mobile internet efforts.
Editor's Note: For more information on this topic, please see "Rumor: Sina to Merge Wireless Business into Sina Weibo," MD 12/18/12 and "Sina Executive Confirms Wireless Business Restructuring," MD 12/14/12 issues.
Keywords: HR Chen Tong corporate restructuring Du Hong Wang Gaofei Charles Chao Internet wireless Sina microblogging Peng Shaobin
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