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|Wednesday, March 07, 2001, updated at 16:15(GMT+8)|
Sohu's Vice President Chen Yizhou Quits: Says Charles ZhangChen Yizhou, former CEO of Chinaren and vice-president of Chinese Internet Company Sohu.com, has left his post in Sohu, confirmed Charles Zhang, CEO of Sohu.com.
Zhang told the journalist during an interview that Chen quitted for personal reasons, mainly prompted by his wish to bring a more stable and better life for his families. According to Zhang, Chen Yizhou will probably leave for "Silicon Valley" or Dallas of the United States. Zhang said Chen is an enterprising person who will probably start a new enterprise in the United States to bring about a second development in his career. However, Zhang indicated that although Chen has left his post, he remains one of Sohu's shareholders. He has no intention to sell his shares.
Chen spent only more than one year in developing Chinaren. However, under the depression of the whole Internet industry, Chinaren also had a tough going. After being purchased by Sohu last year, Chinaren had a favorable turn for development. Being a senior vice president after Chinaren merged into Sohu, Chen was no longer the highest policy-maker even though he still managed a good many employees. Chen is a person of great enterprise who will never stay put in such a position, confirmed Charles Zhang..
However, Chen's quit at such a sensitive time has sparked many conjectures. First: many problems arose after the merger of Chinaren and Sohu, the first of its type between two big websites in China. The matter itself has triggered many news and problems, for instance a lawsuit was filed against its radical reduction of staff. A court session was opened recently, but the result remained unknown. Second: the continued depression of the Nasdaq index has greatly weakened the confidence of many investors. When Sohu purchased Chinaren, the stock price ranged between US$7-8, the purchase was done in the form of the exchange of shares. However, the prices of Sohu's shares now dropped to about US$1.20 which virtually devaluated Chinaren's procurement prices. Besides, due to the inferior status and the low prices, Sohu will, in the end, gain very little.
By PD Online Staff Member Du Minghua
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