HONG KONG, Aug. 26, 2012 /PRNewswire-Asia-FirstCall/ -- Shanda Games Limited ("Shanda Games," or the "Company") (NASDAQ: GAME), a leading online game developer, operator, and publisher in China, today announced that Mr. Qunzhao Tan has resigned as the Company's chief executive officer and chairman of the Board of Directors. Mr. Xiangdong Zhang, the Company's chief producer and chief operating officer, has been appointed the new chief executive officer and Mr. Tianqiao Chen, one of the Company's board members, became chairman of the Board of Directors. Mr. Qunzhao Tan will remain a member of the Company's Board of Directors.
Mr. Tan said, "My time at Shanda Games has encompassed some of the most exciting and rewarding experience of my life. I have had the privilege of working with a number of very talented and innovative people and am proud of what we have been able to achieve together. However, in recent quarters the Company's performance has not met the expectations of our Board of Directors and our investors, and my own health conditions since last year have prevented me from devoting the same level of energy and intensity to this job as before." Mr. Tan continued, "As CEO of the company, I am responsible for the Company's overall performance and consequently have tendered my resignation. I want to thank the Company's board members, business partners, employees and gamers for their steadfast support throughout all these years."
"On behalf of the entire board, I would like to thank Qunzhao for his tremendous contributions to Shanda Games over the years. He played a pivotal role in nurturing our online games business from infancy into an industry leader," Mr. Tianqiao Chen, chairman of Shanda Games' Board of Directors, commented. "Even though he will step down from the day-to-day running of the company, he will remain as a member of the Board of Directors and continue to share his industry knowledge and vision with us," continued Mr. Chen. "I would also like to express the Board's appreciation to Xiangdong and thank him for accepting this critical role. He has been in charge of the Company's game development and operation for many years and has strong expertise in this area. We have great confidence in Xiangdong's abilities and other executives of the Company and we intend to return the Company to a path of robust growth."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV