Perfect World CEO's Step Down

Business

23 July 2024 14:26

Perfect World CEO Xiao Hong and co-CEO Lu Xiaoyin have stepped down from their roles following significant layoffs within the company. Senior VP Gu Liming has been appointed as the new chief executive, according to announcements from Perfect World and reports in Chinese media.

Although Hong and Xiaoyin will remain as directors of the company, the specifics of their continued roles have not been detailed further.

More:PGL Partners with Perfect World

This development follows reports from a month earlier indicating that Perfect World had terminated as many as 1,000 employees across multiple offices in Beijing, Shanghai, Chengdu, and other cities. There were also claims that projects like One Punch Man: World and Perfect New World had halted development.

The Chinese gaming market is not performing better than the Western ones. Many companies in China had to lay off staff to balance the books.

Tags: Perfect World

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