This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Shanda Games Limited Announces Management Changes

Stocks in this article: GAME

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."

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs