Jimmy Lai steps down as Next Media chairman

Next Media founder Jimmy Lai has stepped down from his role as chairman and executive director of the company, having handed in his resignation letter after the stock market closed for the week on 12 December.The filing to the Hong Kong stock exchange at 18:15 yesterday (14 December) said Lai has resign to spend more time with family and to pursue his personal interests.This follows reports that Lai had previously resigned from his role as publisher on 11 December, the same day he was arrested during an Occupy Central clear-out in Admiralty.Another director of Next Media, Cassian Cheung Ka-sing has been appointed interim chairman and CEO of Next Media, according to the Next Media website.In this Apple Daily report published today, Cheung said, "Changes in the board of directors won't change the way the company operates or our direction of reporting."As of 12 December, also according to the Next Media website, Lai owns 73.49% of the company's shares and is still the company's biggest shareholder.Today's Apple Daily report also said Lai conveyed this message through the company's management: "Next Media definitely won't be on sale."Among the publications owned by the media corporation are newspaper Apple Daily, and magazines Suddenly Weekly, Eat and Travel Weekly and FACE.Below is a post about Lai's resignation published on Apple Daily's Facebook page.Facebook user Kuri Fok commented on the post, "Apple Daily, will you become pro-Communist because of this? I'm very worried."Meanwhile, another Facebook user, Joan Li, commented, "It's okay if you [Jimmy Lai] are not the chairman, as long as the essence of Apple Daily doesn't change and Mr. Lai does not bow down to power."A front line Next Media staff member told Marketing that Lai's resignation does not really affect them."It's rare for a company chairman to be willing to be arrested for democracy.  He even got rotten animal intestines thrown at him - he's really strong.  But his resignation doesn't have a big impact on us because the company has always been very free internally speaking," the staff member said.