Shanda Literature announced that Hou Xiaoqiang, chief executive officer of the company, has stepped down from the position, and he has been replaced by Qiu Wenyou, chairman of the company.

According to a notice published by the board of directors of Shanda Literature, Hou's resignation is due to health reasons and he needs time for treatment and recovery. However, Shanda Literature will hire him as a senior consultant. Meanwhile, chairman of Shanda Literature Qiu will take over the CEO role.

Hou joined Shanda Literature as CEO after leaving Sina in July 2008. During his term of office, Hou promoted Shanda Literature's cooperation with traditional book writers.

Qiu joined Shanda in November 2012 as Shanda Group president and chairman of Shanda Literature. He reports directly to Chen Tianqiao, chairman and CEO of Shanda Group. Before joining Shanda, Qiu worked for Merrill Lynch and Nomura, and he maintains close relationships with corporate issuers, investors and financial sponsors.