An internal email from Shanda confirmed that the company has appointed Qiu Wenyou, former managing director of Bank of America Merrill Lynch, as its new president and chairman for Shanda Literature.

Official information from Shanda Group recently also confirmed the news and revealed that Qiu will be responsible for the investment and financing operations of Shanda Literature, Ku6 Media, the third-party payment subsidiary Shengpay, Shanda's AA advertising system, and Shanda cloud computing. He will also lead Shanda Literature's publishing business in China and overseas markets as well as Shanda Group's overseas strategy.

Qiu started his career in the investment bank industry and has rich acquisition experience in the technology, media, and telecom industry. Prior to this appointment, he was managing director for Bank of America Merrill Lynch. According to public files, Qiu worked for Bank of America Merrill Lynch from 2004 to 2009. He held positions in the TMT department and investment department. In 2009, he joined Nomura Securities as global co-chairman of TMT department, co-chairman of Asia enterprise financing department, and chairman for TMT department in Asia. In March 2010, Qiu returned to Bank of America Merrill Lynch.

Information provided by Shanda Group showed that Qiu previously participated in the IPO of Asiainfo-Linkage, Sina, Giant Interactive Group, Shanda Interactive Entertainment Ltd, and Shanda Games.