This Day On The Street
Continue to site
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

Shanda Games Limited Announces Management Changes

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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.18 1.64%
FB $117.43 -0.96%
GOOG $692.36 -0.84%
TSLA $232.32 -3.92%
YHOO $36.01 -1.42%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs