CHINA / Newsmaker |
Yahoo China head quits after barely 40 days(Reuters)Updated: 2006-11-28 14:26
Xie Wen, who was chief executive of Chinese financial Web portal Hexun.com before joining Yahoo China, decided to leave his position for personal reasons, the company said in a statement on Tuesday. He had formally joined Yahoo China on October 17. "Essentially, he's left for personal reasons," said Alibaba communications director Christina Splinder, declining to elaborate. Xie will become a strategic advisor to Alibaba, while Yahoo China's head of strategy development Zeng Ming will serve as acting president, the company said.
A Chinese internet industry analyst, who declined to be named, said Xie's resignation might be a result of conflicting opinions on the way forward for Yahoo China, which has been restructuring since Alibaba, China's largest e-commerce firm, took it over a little more than a year ago. "They're still in the middle of a transition, so I think there's going to be a lot of changes in Yahoo China," said the analyst. Yahoo China was absorbed by Alibaba last year when Yahoo Inc. of the United States bought a 40 percent stake in Alibaba for US$1 billion. Alibaba founder Jack Ma said in September that Yahoo China would become profitable in 2007 after a year of restructuring and doubling staff to 800. China is the world's second-largest Internet market, but researchers say Yahoo China lags far behind Baidu Inc., which has roughly half of the market, and Google Inc. |
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