Chinese game developer The9 says its president will step down in May, citing personal reasons

The9 says its president will step down in May

NEW YORK — Chinese online game developer The9 Ltd. said Friday that its president, Xiaowei Chen, is stepping down when her contract expires on May 16.

The company said Chen is leaving for “personal development” reasons but did not elaborate. A message left with the company was not immediately returned.

The9 said CEO Jun Zhu will take over Chen’s responsibilities.

Shares fell 21 cents, or 2.8 percent, to $7.20 in midday trading.