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Giant Interactive names Wei Liu as CEO

NEW YORK (AP) -- Chinese online game developer Giant Interactive Group Inc. said Thursday that it has named Wei Liu as CEO, replacing Yuzhu Shi, who resigned earlier this month but still serves as chairman.

Liu had previously served as the company's president. Xuefeng Ji, previously Giant's senior vice president of research and development, was named as its president.

In February, Giant posted a 66 percent decline in its fourth-quarter earnings, hurt by charges related to its investment in a Chinese online social networking service provider.

The Shanghai-based company's U.S.-traded stock was off 2 cents to $6.88 in afternoon trading. It is still up nearly 28 percent year-to-date.