Tencent's board of directors changes drastically: Liu Chiping resigns, Ma Huateng becomes sole executive director

According to news on May 18, the composition of Tencent’s board of directors has undergone major changes. According to the latest news, after 16 years of service, Tencent’s current president and investment committee chairman Liu Chiping officially resigned as the company’s executive director after yesterday’s annual shareholder meeting, marking that only Ma Huateng is left as an executive director on Tencent’s board of directors.

Liu Chiping joined Tencent in February 2005 and initially served as chief strategic investment officer, responsible for the company's strategic planning, investment and mergers and acquisitions, and communication with investors. Subsequently, he was promoted to president of Tencent a year later, responsible for the company's daily operations and management. He joined Tencent's board of directors in March 2007 and served as executive directors together with Ma Huateng and Zhang Zhidong.

According to ITBEAR technology information reports, Chiping Liu has served as executive chairman of Tencent for 16 years, with a term of more than 18 years. Because of his high salary, the outside world nicknamed him the "Working Emperor". According to statistics from Snow Leopard Finance and Economics, Liu Chiping's total compensation during his tenure as executive director exceeded 2.3 billion yuan. However, Tencent will no longer publicly disclose the remuneration status of its retired directors in future annual reports.

In order to further improve the company's overall governance structure, Tencent added Zhang Xiulan, an independent non-executive director, in August last year, increasing the number of female members on the board of directors to two. After Liu Chiping retired, the proportion of female directors and independent non-executive directors increased to 25% and 63% respectively.

Currently, only Ma Huateng is left as an executive director on Tencent’s board of directors, and there are two non-executive directors, namely Jacobus Petrus (Koos) Bekker and Charles St Leger Searle; there are five independent non-executive directors, namely Li Dongsheng, Ian Charles Stone, Yang Shaoxin, Ke Yang and Zhang Xiulan.

According to Tencent’s latest financial report, in the first quarter of 2023, the company’s revenue increased by 11% year-on-year to 149.986 billion yuan; net profit attributable to the parent increased by 10% year-on-year to 25.838 billion yuan, both exceeding analysts expectations.

In the past few years, Chiping Liu has served as a director of companies such as JD.com, Didi and Meituan, maintaining business cooperation between Tencent and these giants. His departure is undoubtedly a major change for Tencent and China's technology industry. We will wait and see Tencent's development and future strategic layout after Liu Chiping's departure.

The above is the detailed content of Tencent's board of directors changes drastically: Liu Chiping resigns, Ma Huateng becomes sole executive director. For more information, please follow other related articles on the PHP Chinese website!