Perfect World CEO Xiao Hong resigned: exposed to layoffs and year-on-year losses in the first half, Gu Liming, president of e-sports business, took over

According to this site’s news on July 23, Perfect World issued an announcement on “Changes in Senior Management of the Company” and convened the seventh meeting of the company’s sixth board of directors on July 22, 2024 to review and approve the “About the Company’s Senior Management Changes”. Proposal for changes in management personnel.”

Due to adjustments in work arrangements,

1. Xiao Hong applied to resign from the position of Chief Executive Officer (CEO) of the company. After resigning, he is still working in the company and serving as a director of the company.
2. Lu Xiaoyin applied to resign as co-CEO of the company. After resigning, he still works in the company and serves as a director of the company.

As of the date of this announcement, Xiao Hong holds 283,950 shares of Perfect World and Lu Xiaoyin holds 63,600 shares of Perfect World.

After being nominated by the chairman of the company and approved by the nomination committee of the board of directors, the board of directors agreed to appoint Gu Liming as the company's CEO, with the term starting from the date of approval by the board of directors and ending when the term of the current board of directors expires. Prior to this appointment, Gu Liming was the senior vice president of the company.

Attached to this site is Gu Liming’s resume:

• Canadian nationality, born in 1968, master’s degree.
• Gu Liming served as an engineer at China Telecom from 1989 to 1993.
• Served as project manager at General Electric (USA) Information Services Company from 1993 to 1997.
• Founder and Executive Vice President of Convedia (Radisys) Corporation (USA) from 1998 to 2009.
• Served as Senior R&D Director of Microsoft Corporation from 2009 to 2013.
• From 2013 to 2024, he successively served as Vice President, Senior Vice President and President of E-Sports Business of Perfect World Co., Ltd..

Perfect World announced on July 9 that the company expects a net loss of 160 million yuan to 200 million yuan in the first half of 2024, a year-on-year turnaround.

This site noticed that the announcement also stated that with the implementation of a series of measures,

• company personnel expenses, office space rent, etc. will be reduced accordingly;
At the same time, with the help of refined project control and AI technology empowerment , the company's cost reduction and efficiency improvement effects have gradually emerged, resulting in a quarter-on-quarter improvement in net profit after non-recurring gains and losses in the second quarter of 2024.

Game company Perfect World was caught in a layoff crisis last month. A piece of news circulated on the Internet that "Perfect World's largest layoffs, two buildings are almost vacated." Some employees said that the total number of layoffs exceeded a thousand people, and some R&D departments lost hundreds of people. There were originally 150 people in the middle office, but now there are only a few dozen people left.

In response, Perfect World said that in order to cope with the challenges, the company proactively sorted out and adjusted and adopted a series of solutions, including optimizing resource allocation, focusing on core projects,

making necessary personnel optimization, and intensifying office space etc., so that resources can be more concentrated on core competitive businesses. "The adjustment process will inevitably bring pain. The company is trying its best to resolve the negative effects. At the same time, it also hopes that the outside world can give some time and space so that the company can focus on cultivating internal skills and improving operating efficiency."

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