Giant Interactive Group CEO to step down

The Associated Press
Associated Press

Giant Interactive Group Inc. on Tuesday said its CEO resigned.

Yuzhu Shi will remain chairman of the Chinese online game developer's board. His departure is effective April 19 and the board will name a new CEO on the same day.

In February, Giant said its fourth-quarter profit fell by 66 percent, hurt by hefty charges related to its investment in a Chinese online social networking service provider.

Since the beginning of this year, the company's shares have risen about 22 percent, closing Monday at $6.59.