Online literature site Cloudary CEO resigns

Hou Xiaoqiang, CEO of Cloudary Corporation, a Chinese online media company that publishes literature works online, resigned from the position, Hou announced Thursday on his Weibo account.

Hou attributed his resignation to health problems but said he will still be a senior consultant for Cloudary.

He also expressed his confidence in Cloudary, saying that the company will achieve a value of 5 billion yuan ($823 million) or even 10 billion yuan in the future, according to his Weibo post.

Some reports said Hou resigned because he did not get along well with Chen Tianqiao, president of Shanda Corporation, the parent company of Cloudary, but he denied the rumor in an interview with news portal late Wednesday and said Chen gave him much trust and respect.

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