November 26, 1998, InfoHighWay, one of the pioneers of the China Internet Network released a big news. 15 senior executives resignd.
On the resignation list, there were vice president Hai Yang, Lu Gao, Song Yizhi and head of the center Wang Nianqing, Wang Yumei, Jiang Xuehai, Shen Chao, Zhou Yu, Meng Limin and the general managers of Shenzhen, Fuzhou, Xi'an, Harbin, Shenyang, Shanghai, Guangzhou and other branches.
In the second half of 1997, the environment of the domestic information service industry was very hard. InfoHighWay faced peer pressure of competition. At the same time, there was a serious shortage of capital to shareholders. The company's original plan which scheduled for rapid development was shelved.
To ease the financial pressure, InfoHighWay announced the beginning of the transition period since October 1997, hoped to increase revenue and reduce expenditure. On the other hand, Zhang Shuxin, the former president was forced to have been removed from office by the end of June. But the company's direction is still not clear. During the long wait, InfoHighWay's situation has been very, very dangerous.
15 people of the management team hoped to continue to adhere to the ISP, but the major shareholders refused for some reasons. The collective resignation have been regarded as a result of the knowledge capital against to the financial capital.
Originally Posted: China Business Daily
Author: Angulo Fu