Why Did 70% of Caijing’s Staff Resign?
Reports say that a whopping 70 percent of Caijing magazine staff members have resigned. While the first thought might be there could have been government pressure in some way, it appears China’s most respected magazine’s founder may in fact be behind the exodus.
Hu Shuli, the magazine’s legendary founder, who sas recently featured in a New Yorker story by Evan Osnos, may in fact be behind the move. Speculation is that she is trying to get leverage over control of the magazine, and the scale of the apparent resignations speaks volumes about the staff loyalty and her own smarts.
From China Economic Review:
he exodus has caused speculation that charismatic founder and managing editor Hu Shuli may also be preparing to leave. Whether she stays or goes, Caijing’s finances are at risk. The business department generates nearly all the profits for the mainland’s most profitable business magazine. Some believe that the resignations are a maneuver in Hu’s negotiations with the magazine’s owner and publisher, the Stock Exchange Executive Council (SEEC). There are rumors that Hu has been trying to pressure the SEEC to surrender majority control by bringing in outside investors, and threatening to leave and launch new business publications if SEEC declines the proposal.
It’s a common theme in China that someone builds something and then someone else thinks that can take it over and cash in. However, to paraphrase Jack Nicholson in A Few Good Men, I think they fucked with the wrong marine this time.
VPN China responds:
Posted: November 17th, 2009 at 8:32 pm →
it’s crazy how every one followed her!
she must be a very good manager and great leader…
nanheyangrouchuan responds:
Posted: November 22nd, 2009 at 4:37 am →
It wouldn’t have anything to do with Caijing’s cage being rattled to “tow the line” with regards to reporting on China’s actual economic situation. Even Caijing ran stories making China’s reflexive 9% growth statements look like a lot of hot air.