Ku6.com Confirms CEO's DepartureMay 1, 2014 | Print | Comments | Category: Business, Internet
After Shanda sold its 41% Ku6 stake to Xu Xudong, founder of Sky Profit, the Chinese Internet video website announced a series of personnel adjustments, including the departure of its CEO.
Ku6's chief executive officer Du Fang and chief technology officer Lu Jian both reportedly departed the company. Du confirmed to local media that he will start his own business in new media sector after departing Ku6.
In addition, Ku6 will implement large scale employee layoffs. The company plans to cut the entire marketing department in addition to employee cuts in other departments.
According to Xu, Ku6 will soon release a formal announcement and the entire adjustment plan will be launched before May 11. The company will adjust its future development direction as well.
Following the acquisition by Shanda, Ku6 experienced several personnel changes. After founder of Ku6 Li Shanyou left the company, chief technology officer Zhao Liang, co-founder and vice president Han Kun, senior vice president Chen Anjun, senior operating vice president Hao Zhizhong, and chief financial officer Shen Xiao all departed the company.
At present, Ku6's share price has dramatically declined. Its price decreased from about USD3 per share before stake change to USD1.8 per share.
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