Tencent has denied rumors regarding layoffs and organizational restructuring but has acknowledged that there have been changes in its executive ranks
Tencent has dismissed speculation about workforce reductions and organizational restructuring but acknowledged executive-level changes within the company.
An internal email, leaked on October 25, revealed to Tencent employees that VP Zeng Yu would relinquish leadership roles at Tencent IEG's technical division and the Platform and Content Group Technology & Content Platform.
Speaking with Yicai, a company representative contested reports that TiMi Studio Group, with about 6000 workers in 13 studios, would consolidate teams, putting an estimated 20% of its employees, or approximately 1200 jobs, at risk.
Contrary to the rumors of layoffs, the spokesperson emphasized that Tencent's TiMi Studio Group is actively hiring new talent.
Reports of a formal restructuring that would see a 30% staff reduction at LightSpeed Studios have also been refuted.
Tencent did confirm that "more than 10 individuals" have been affected by shifts in the company's leadership. In addition to Zeng Yu, who is reportedly retiring, other executives have been reassigned or departed from different business sectors.
