On November 19, 2004, Sohu.com Inc., China's leading online media, communications, commerce and mobile value-added services company, announced that Victor Koo, President and Chief Operating Officer, would resign from the Company effective March 31, 2005, to pursue entrepreneurial business opportunities.
Mr. Koo had been with Sohu since March 1999 in several functions including Senior Vice-President, Corporate Business Development, Chief Financial Officer, Chief Operating Officer and President.
“Victor has played an important role in our success in the past six years and we understand his decision to move on and seek a new challenge. He contributed greatly to the growth of the advertising business, start-up of new business lines and the closing of numerous corporate transactions. We wish him the very best in his future endeavors," said Charles Zhang, Sohu's chairman and chief executive officer.
"Victor helped establish a strong team of experienced executives who are ready to take the helm independently. We have already begun to work on a smooth transition by splitting Victor’s operational responsibilities among these executives. Meanwhile, Victor will stay on as an adviser to the company for six months until September 30, 2005,” Charles Zhang added.
"Sohu has been a fantastic platform for my professional development and I am grateful for having been part of the Sohu story from an early Internet start-up to a publicly listed and profitable company. Sohu is a strong company with a proven online advertising business and great long-term prospects in the search and consumer business. I am confident that I will leave the business in good hands that will ensure stability and continuity with our consumers, clients, partners and employees," said Victor Koo, President and COO of Sohu.
After leaving from Sohu.com, Victor Koo created Youku.com, with its beta was launched in June 2006 and formally launched in December 2006. In 2007, the company received $25 million funding from venture capitalists. Youku.com ranked 1 in Chinese video sharing sector by China Internet Society, iResearch and Baidu User Index. In 2008, Youku has teamed up with Myspace in China.
Originally Posted: China Business Daily
Author: Angulo Fu