China Literature Ltd. has decided to replace its founding management team with a slate of veteran executives from its controlling shareholder Tencent Holdings Ltd. as the online platform’s business has shifted to focus more on peddling intellectual property.
The departing managers include 41-year-old Wu Wenhui, who founded Qidian.com, a pioneer in the online literature world that was later acquired by Tencent; his fellow co-CEO, Liang Xiaodong; company President Shang Xuesong, and Senior Vice President Lin Tingfeng, according to a statement released Monday by the Hong Kong-listed China Literature.
Wu and Liang are being replaced by Cheng Wu, currently a Tencent vice president and the CEO of Tencent Pictures, who is taking over as China Literature’s new chief executive officer, according to the statement. Hou Xiaonan, vice president of Tencent’s Platform and Content Group, has been tapped as China Literature’s new president.
Wu, who holds a 2.65% stake at China Literature, will remain on the company’s board as a nonexecutive director and vice chairman. Cheng and Hou will become executive board directors.
Tencent is China Literature’s largest shareholder. It held a 57% stake in the company at the end of 2019.