Tencent Music Entertainment Group announced a new chief executive and chairman late Wednesday.
In a statement, the Chinese music-streaming company said Zhu “Ross” Liang has been named CEO, and Cussion Kar Shun Pang has been appointed chairman of the board.
Cussion had been serving as CEO since 2016. He will replace “Dowson” Tong Tao Sang, who is resigning as chairman after five years.
Zhu has been vice president of Tencent since 2016, and previously worked at Huawei Technology Co.
“I am delighted to have Ross join our team as the CEO. Ross’ proven track record in building successful online entertainment platforms and social ecosystems, combined with his breadth of experience delivering strong results through successful expansion into new business areas, makes him ideally suited to accelerate our evolution into an all-in-one online music and audio entertainment destination in China,” Cussion said in a statement.
Last month, Shenzhen-based Tencent Music announced a plan to buy back $1 billion in shares, shortly after its fourth-quarter earnings slightly missed expectations. and the U.S. Securities and Exchange Commission said it has started taking steps to enforce stricter financial oversight of foreign-owned companies.
Tencent Music’s American Depository Receipts
are down about 6% year to date, but are up 68% over the past year.