Tencent Music Entertainment Group has revealed that Cheuk Tung aka Tony Yip has resigned from his role as the Company’s Chief Strategy Officer.
The exec’s departure, which TME says is for personal reasons, is effective August 31, 2023.
As Chief Strategy Officer at TME, Yip has been responsible for overseeing the music streaming giant’s overall strategic development, investment strategy, investor relations, and capital markets activities.
TME operates flagship music app QQ Music, as well as Kugou, Kuwo, plus online karaoke service, WeSing,
As Chief Strategy Officer, the exec has also been in charge of TME’s Ultimate Music business unit, which provides online music services to smart device manufacturers.
Prior to joining TME, Yip was Vice President of Baidu, Inc. since September 2015. There, he served as the Chief Financial Officer of Baidu’s search business group and Baidu’s head of investments, mergers and acquisitions.
Yip also previously served on the board of directors of Ctrip.com International, Ltd. between 2015 and 2017.
Prior to that, he worked at Goldman Sachs since 2007 and served as a Managing Director in technology, media and telecom investment banking.
“On behalf of the Company, we would like to express our deep gratitude to Tony for his invaluable contributions to TME’s achievements over the past five years.”
Cussion Pang, TME
Commenting on Yip’s departure from the company, Cussion Pang, Executive Chairman of TME, said: “On behalf of the Company, we would like to express our deep gratitude to Tony for his invaluable contributions to TME’s achievements over the past five years.
“Since joining in 2018, Tony has led our two successful public listings on the New York Stock Exchange in 2018 and on the Hong Kong Stock Exchange in 2022.
“Tony’s professional expertise was instrumental to TME’s development by continuously refining our strategic focus, providing deep insights into the global online music and entertainment industry, supporting business development, capital markets and investment strategies, and establishing confidence in our Company among the investor community.”
“I am truly grateful for Cussion, Ross and the Board for their trust, as well as for the support from everyone that I had been working with during my years in TME.”
Tony Yip added: “It has been my greatest pleasure to be a part of TME. I feel immense pride in the Company’s accomplishments over the years, especially its commitment towards driving the long-term healthy development of the online music industry and the incredible journey of growing its online music paying users from less than 20 million from the beginning of 2018 to over 90 million by the first quarter of 2023.
“I am truly grateful for Cussion, Ross and the Board for their trust, as well as for the support from everyone that I had been working with during my years in TME.
“While I now look forward to spending more time with my family overseas and on pursuing other personal interests, I am highly confident in the TME team and the Company’s future potential as China’s leading online music and audio entertainment platform.”Music Business Worldwide