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Curiouser and curiouser: Shanda CEO steps down with immediate effect

The saga continues
Curiouser and curiouser: Shanda CEO steps down with immediate effect

Given what's previously happened at Chinese publisher Shanda Games (NASDAQ:GAME), it's a wonder the situation could have gotten any more strange.

But it has.

It's announced that its CEO Xiangdong Zhang has stepped down from his role and been removed from the board of directors and the compensation committee and the corporate development and finance committee with immediate effect.

Yingfeng Zhang has replaced him in those roles and is now acting CEO.

He will lead the search for a new CEO.

Behind the scenes

Of course, key for any newcomer will be the $1.9 billion offer to take the company private; something that's been causing executive strife since it was tabled in early 2014.

As for that process of acceptance or rejection, all Shanda will formally say is "There can be no assurance that any definitive agreement will be executed relating to the proposed transaction, or that the proposed transaction or any other transaction will be approved or consummated."