Tencent Music Entertainment announced this week that co-president and director Guomin Xie is stepping down due to “personal reasons,” as well as a string of other management changes. Xie’s resignation is effective June 6.
Zhenyu Xie, Tencent Music’s co-president and company board member, has been named chief technology officer, reporting to CEO Cussion Kar Shun Pang. Tencent Music has also appointed Linlin Chen and Lixue Shi to oversee the company’s Kugou and Kuwo businesses, respectively. Chen and Shi, both currently group vps, will now report to Pang directly.
“On behalf of Tencent Music, I would like to thank Guomin for his contribution to our growth and development over the years. We wish him the best in his future endeavors,” Pang said in a statement. “Zhenyu’s extensive experience and expertise in technological innovation make him an ideal leader to spearhead our efforts in advancing technology to further improve our services. In regards to the new positions of Linlin and Lixue, we have complete confidence in their abilities to leverage their extensive management experiences accumulated through their prior roles. They are both well-suited to lead Kugou and Kuwo to the next level of growth.”
The news arrived right as Tencent Music disclosed its first-quarter results, reporting a revenue of ¥5.74 billion Chinese yuan ($855 million). Despite narrowly beating Wall Street’s estimate of $850 million, shares of TME have sunk to new lows, currently at under $15.