Chinese Internet video company has announced that Li Shanyou, founder and chief executive officer of, has resigned for career development reasons; however, he will still be director of the company and will offer operational guidance for

Meanwhile, Zhu Haifa, director of and chief investment officer of Shanda Group, has been appointed acting CEO of the video company, effective from March 14, 2011.

Wu Zheng, chairman of, told local media that as the founder and CEO of, Li offered outstanding leadership and services to the social media company. The board of directors of the company appreciates his contributions and wishes him the best in his future career. At the same time, Wu welcomed the joining of Zhu into’s executive team. He believed will enhance its leading position in the industry under the leadership of Zhu.

Zhu joined Shanda, parent company of, in 2004 and he was appointed chief investment officer in April 2008. Prior to joining Shanda, Zhu worked in technology management position in Shanghai Academy of Science and Technology from 1996 to 2001; and he is responsible for the venture capital business of Nuovo Assets investment Ltd. from 2001 to 2004.

The reports in Chinese local media revealed that after ending his five years’ career as an entrepreneur, Li will become a partner of a new fund jointly invested by Shanda.