Tencent said to fire or demote around 10 pct of middle managers amid company-wide revamp
- Move is aimed at removing or demoting underperforming managers
- Tencent is among China’s tech giants revamping management ranks as they enter their third decade of operations
Chinese internet giant Tencent Holdings is revamping its managerial ranks by removing 10 per cent of middle-to-senior tier managers as part of a previously flagged company reorganisation, according to people familiar with the matter.
The move is aimed at removing or demoting underperforming managers, according to the people, who asked not to be identified as the information is private.
A Tencent spokesman declined to comment on the job cuts.
Tencent president Martin Lau Chi-ping said at a town hall meeting with employees in November that it would need a certain percentage of managers to stand down. “Tencent cannot make managerial roles lifelong positions. If you are competent, you will be promoted soon, but when you are tired, you have to move down,” Lau said.
Tencent, the world’s biggest games publisher by revenue and operator of China’s dominant social media platform WeChat, has also pledged to promote young talent in a bid to refresh its managerial ranks and maintain dynamism within the company.
“We will ensure that at least one in five promotions each year go to younger talent,” Tencent founder and chief executive Pony Ma Huateng said in a separate staff meeting when the Shenzhen-based company celebrated its 20th anniversary last year.