The9's Chief Financial Officer has resigned as the company's stock price continues its free-fall.
Chinese online game operator The9 Limited announced Friday that Chief Financial Officer Hannah Lee has resigned from her position. The9 is already searching for a replacement to take over her duties followign her departure at the end of February. Shares of The9 plummeted 13 percent on Friday, from $22.58 to $18.85.
Lee said, "It has been my pleasure to serve as the Chief Financial Officer of The9 for over four years. I believe the company remains well- positioned in the growing online game industry. With its rich and diversified game portfolio, I believe The9 will continue to enjoy long-term growth and deliver sustained growth for its employees and shareholders."
Jun Zhu, Chairman and Chief Executive Officer of The9, added, "Hannah has been with us since before The9 went public in 2004. Over the years, she has played a vital role in transforming our company into a highly regarded US- listed public company with substantially improved financial reporting and internal control systems. We want to thank Hannah for her many contributions to The9 and wish her all the best in her future endeavors."