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Home >> Business
UPDATED: 16:15, July 07, 2005
Yahoo! China President offers sudden resignation
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The President of Yahoo! China, Zhou Hongyi announced a sudden resignation at 7 pm July 6, 2005. The announcement will take effect on August 31.

Zhou's announcement has brought the longstanding rumor about "Zhou Hongyi's resignation" to an end.

Zhou said his contract with Yahoo! would terminate on August 31. He made the decision to leave Yahoo! at this time for personal reasons. Yahoo! would still engage him as consultant to Yahoo! China after his resignation.

Whether Zhou is to leave has become a focus of the circles since the end of 2003, when Yahoo! just acquired 3721. Prior to that Zhou told media he would opt to start his own business after he fulfils the three-year contract with Yahoo! China. The latest version on this matter is Zhou would hand over the power in March 2006 the earliest. Obviously Yahoo! takes action ahead of the schedule.

President of Yahoo!'s North Asia Operations Allan Kwan said on June 6 Yahoo!'s team in China would remain intact and they would be reporting to him directly. The candidate for the next head of Yahoo! China will become a new focal point of the circles.

Almost all Yahoo! China's businesses, e.g. Yahoo!'s sole independent search portal in the world, email league, 3721 service are all associated with Zhou, except for the "1G mail". Analysts say Yahoo! offers a good mechanism that enables Zhou to finish his term gracefully.

According to insiders in Yahoo!, at the end of 2003, Zhou obtained some cashes from the acquirer, and he will probable receive another amount of cashes once Yahoo! realizes the acquisition objectives. This makes his destiny completely different from former Sina president Wang Zhidong.

He would not consider staring his own business for the time being. It is more important to spend holiday with families at present, Zhou replied when asked whether his future business would conflict with that of Yahoo! China.

By People's Daily Online

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