Business

Damage Control: Perfect World Hits Back At Chinese Media

The situation has been less than perfect in recent days at Chinese online game company Perfect World (PWRD) as it now fights rumors that its CEO is planning to depart the company.

Local Chinese media reported yesterday that comments made by CEO Michael Chi at the Annual China Game Industry Conference in Qingdao this week led reporters to believe that Chi would be vacating his position as CEO as early as 2010.

The public relations department at Perfect World, one of hundreds of companies that fight within the Chinese online gaming sector, has now issued a press release saying Chi has no intention to step down as CEO of the company. Rather, the company says Chi believes that there is much opportunity for other executives to step up and take an even greater role in running the company. The company says this would allow Chi, as CEO, to spend more time on corporate strategy.

At the end of December 2008, Perfect World announced that it would repurchase 18,750,000 shares of its Class A ordinary shares for approximately USD56.6 million from SB Asia Investment Fund II, L.P., and an affiliate of SAIF. At the time, Chi commented, "Our current strong cash position provides us with the flexibility to execute the transaction without affecting our growth strategies. We are fully confident in our ability to successfully execute our business strategies and deliver long-term shareholder value."

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