NEW YORK, Dec. 8, 2016 /PRNewswire/ -- Wecast Network, Inc.
(NASDAQ: WCST) ("Wecast" or the "Company" or "WCST"), announced
today that its Board of Directors, on December 4, 2016, have unanimously chosen Mr.
Bing Yang as the Company's next Chief Executive Officer. Mr.
Yang, who currently serves as President of Wecast's Video Content
Commerce Group, will, in addition to assuming the new CEO role,
also be appointed as a Director on Wecast's Board. Both roles
will be effective immediately.
"This is the perfect time for Bing Yang to become Wecast's next
Chief Executive Officer. We've elected a very solid leader at
a time when Wecast is setting the groundwork for huge growth," said
Bruno Wu, Chairman. "This past
year's pace of transformation has been exponential. Our next CEO
needs to be an excellent communicator, to thrive in a highly
dynamic setting, to be capable of accelerating what is working very
well for Wecast, as well as dissolving and disrupting what needs to
be eliminated or changed. Bing is unique in his ability to
translate strategy and vision into world-class implementation and
to bring together teams and ecosystems to drive results. Bing's
vision, strategy and execution track record, specifically in the
transactional and e-commerce arenas where Wecast is building its
ecosystem and focusing its efforts, are exactly what Wecast
needs as we enter our next chapter."
Current CEO, Mr. Mingcheng Tao,
will remain with Wecast Network as an advisor to the company.
Bruno Wu stated, "Mingcheng played
the key pivotal role over the past year in getting this ship
straightened and drastically repositioning Wecast for growth for
the very first time in its history. Without his leadership,
fortitude, decisiveness and challenging decision-making abilities,
Wecast Network would not even be positioned to pursue the breakout
opportunities that exist on the horizon."
Mr. Yang, a result-driven technology entrepreneur focused on
long-term, repeatable success, brings a wide range of experience in
research & development, product development and sales and
marketing. Most recently he was the CEO of KJT. KJT is one of
the first enterprises in the Shanghai Free Trade Zone and a pioneer
in B2C cross border e-commerce transactional platforms. KJT
enables companies like Amazon and other ex-China retailers to complete order fulfillment
directly to Chinese consumers. At KJT, he was responsible for
the entire online retailer strategy and operations including
marketing, sales, logistics, warehousing, payment, IT, customer
service, regulatory compliance and supply chain management.
Throughout his thirty-year career, Mr. Yang held various executive
level positions and founded several innovative technology
companies. To name a few, he was: the general manager of
China R&D and video technology group for Cisco Systems; the
Founder, CTO and VP of Engineering at Convergent Networks, a
pioneer in VoIP technologies; the Founder and Director of Hardware
Engineering at Cadia Networks, an innovator in broadband access and
switching technologies.
Mr. Yang earned a Bachelor of Science in Electrical Engineering
from the University of Texas
at Austin and a Master of Science in Electrical Engineering
from the University of New
Hampshire.
"The opportunity that lies ahead for Wecast is immense, and the
ability to lead this next chapter is deeply humbling and incredibly
exciting," said Bing Yang. "I am focused on accelerating the
innovation and execution that our current and future customers will
need from us. I couldn't be more confident in our ability to
flourish, or more thrilled to lead this great company."
About Wecast Network, Inc.
(http://corporate.wecastnetworkinc.com)
Wecast Network, Inc. (NASDAQ: WCST) is leveraging and
optimizing its current operations as a premium content Video On
Demand service provider in China
to evolve into a global, vertical, ubiquitous and transactional
B2B2C, mobile-driven, consumer management platform for both
enterprises and consumers. By aiming to establish the world's
premier multimedia, social networking and smart e-commerce-enabled
network with the largest global effective connected user base,
Wecast, through this expanded, cloud-based, ecosystem of connected
screens combined with strong partnerships with leading global
providers, will be capable of delivering a vast array of
WCST/YOD–branded products and services to enterprise customers and
end-use consumers - anytime and anywhere, across
multiple platforms and devices.
Wecast has content distribution agreements in place with many
of Hollywood's top studios including Disney Media
Distribution, Paramount Pictures, NBC Universal and Twentieth
Century Fox Television Distribution, Miramax, as well as a broad
selection of the best content from Chinese filmmakers. In
addition, the Company has governmental partnerships and licenses as
well as numerous JV partnerships and strategic cooperation
agreements with an array of distribution and content partners in
the global new media space. Wecast is headquartered in both
New York, NY and Beijing, China.
Safe Harbor Statement
This press release contains certain statements that may
include "forward looking statements." All statements other than
statements of historical fact included herein are "forward-looking
statements." These forward looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
CONTACT:
Jason Finkelstein
Director Strategy & IR
Wecast Network, Inc.
212-206-1216
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SOURCE Wecast Network, Inc.