Chinese tech giant Tencent has removed a veteran advertising executive from the line-up of its senior-most personnel, as online companies in China focus more on fintech and seek to inject more youthful vigour into the ranks of top management.
Lau Seng Yee (刘胜义), formerly Chairman of Tencent Advertising and Chairman of Group Marketing and Global Branding, was recently removed from Tencent’s senior executive team as displayed on its official website, reducing the number of top leaders to 15 from 16 in total.
According to a report from Diyi Caijing Lau has since assumed the role of “senior management consultant” with Tencent.
Lau hails from a background in advertising, and first joined Tencent in 2006. During the decade-long period from 2006 to 2016 Lau oversaw an increase in Tencent’s advertising revenue from 267 million yuan to 26.97 billion yuan, and an increase in related personnel from 600 to more than 4,000.
Lau was named one of the top 10 figures in China’s online advertising industry for 2009 – 2010, as well as one of the world’s 21 most influential marketing and media figures by the New York-based Advertising Age in 2011,
Zhang Yi (张毅), CEO of iiMedia, said that new operations such as fintech and corporate services were making an increasing contribution to Tencent’s revenues, and Lau’s removal was part of an broader trend to bring more youthful personnel into the company’s ranks.
“There will be more young people in various positions serving as the guiding force for management roles,” said Zhang.