Phoenix TV founder Liu Changle to step down amid management shakeup

Hong Kong television channel Phoenix TV founder Liu Changle and his family have withdrawn from the management completely, whilst the Chairman and General Manager have been replaced, according to reports.

The report cited staff sources that Xu Wei, Secretary of Shanghai Academy of Social Sciences, and Sun Yusheng, Deputy Director of CCTV, will take over the positions of Chairman and General Manager respectively.

The takeover by the Chinese state-run institutions of Phoenix TV purportedly linked to the company's financial borrowing crisis, affecting 70,000 people and involving almost RMB10 billion.

The company clarified this morning that it is considering a split of the role of its Chief Executive Officer and Chairman by appointing new personnel to take up the position of Chief Executive Officer.

“No decision has been made as at the date of this announcement and the change may or may not happen...No other change to the Company’s directors and senior management is contemplated as at the date of this announcement,” the statement wrote.