The sudden resign of Wang Zhidong suspected to concern with acquisition of Sina

A domestic news website quoted a member of Sina.com senior team as saying that the sudden resign of Wang Zhidong, Pres CEO of Sina.com was concerned with the case that Sina.com would be acquired by China.com. The unidentified member also pointed out that China.com had initially contacted with Sina.com over the merger last year and two weeks ago, Mr Wang and Ye Keyong, CEO of China.com had also negotiated in Hong Kong over the case. 

The member of the senior team continued to state that during the course of the negotiation, Wang Zhidong insisted cooperating with China.com through changing shares. But as some of Sina.com directors were not so confident with the outlook of Sina and they agreed to sell the shareholding of the company and thus the cooperation model was changed into Sina.com being acquired be China.com. As a result, the topic of the board meeting of Sina.com on June 2 was changed into the topic of how to arrange the working staff after acquistion. 

The member said Wang Zhidong was not willingly to retreat to a second-line position (Mr Wang held 6% to 7% stake of Sino.com), it was natural for him to leave.

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