The Chinese Web portal said on Monday it would cut roughly 90 jobs in a bid to improve efficiency, but it may not be enough for the company to weather China's stormy Internet sector. Chief operating officer Daniel Mao has replaced Wang Zhi Dong as CEO while general manager Wang Yan has been promoted to president.
Analysts say the shuffle is taking place as the company readies itself for a buyer.
Without generating sufficient revenue to compensate for that major staff presence, that's the major issue the company needs to handle. The cuts were announced in addition to the 400 layoffs made public in March. A company statement said Wang resigned as the company's president, chief executive officer, and director to pursue other interests. He will however continue to serve the company as a chief advisor. Market talk suggests that Wang moved aside to a more suitable CEO take the reigns of the company as it woos potential buyers.