BEIIJING, Dec. 19, 2016
/PRNewswire/ -- Yirendai Ltd. (NYSE: YRD) ("Yirendai" or the
"Company"), a leading online consumer finance marketplace
in China, today announced that its board of directors ("the
Board") has appointed Ms. Chaomei
Chen as a director of the Company, effective December 18, 2016. Ms. Chen, who has met the
independence requirements of Section 303A of the Corporate
Governance Rules of the NYSE and Rule 10A-3 under the Securities
Exchange Act of 1934, has also been appointed as a member of the
Company's Audit Committee and Nominating, Compensation Committee
and Corporate Governance Committee, replacing Mr. Qing Li.
Ms. Chen has been part of Yirendai's Advisory Committee since
January 2016 and been providing
strategic advice and insight to Yirendai's senior management team
on a broad range of issues including risk management, credit
analysis, technology and business operations. Previously, Ms. Chen
served as Chief Risk Officer of LendingClub from 2011 to 2015 and
was responsible for the establishment and enhancement of the credit
and risk management organization. Before LendingClub, she oversaw
all risk management functions for the WaMu credit card portfolio at
JP Morgan Chase. Prior to JP Morgan Chase, Ms. Chen was Vice
Chairman and Chief Credit Officer at Providian Financial Services,
where she was instrumental in its turnaround prior to its
acquisition by WaMu. Her experience also includes executive
positions with Fleet Credit Card Services and PNC National Bank,
and management positions with Citicorp, American Express and
Household Credit Services. During her career, Ms. Chen has overseen
multi-billion dollar business and credit risk portfolios and
directed the large-scale implementation of credit risk management,
business risk management, collections, fraud
prevention, BASEL implementation and database marketing
for operations both domestically and internationally. Ms. Chen
graduated with a BS degree in mathematics from The Southwestern
Jiaotong University in China and earned an MSE degree in
mathematical science from Whiting School of Engineering at
The Johns Hopkins University.
"We warmly welcome Chaomei to the Board as an independent
director," said Mr. Ning Tang, Yirendai's Executive Chairman.
"Chaomei is a well-respected and seasoned industry veteran with a
wealth of consumer credit and risk management knowledge and
expertise. Chaomei has been working with us for almost a year as a
member of our Advisory Committee and has added significant value to
the Company's strategy across a broad range of business-related
issues. We look forward to working even more closely with Chaomei
to drive our business to the next level."
Ms. Chaomei Chen added,
"Yirendai's solid business performance demonstrates the
effectiveness of its business model, corporate culture and
capabilities of its management team. I am honored to join the Board
and look forward to further providing strategic advice on risk
management to strengthen Yirendai's market leading position."
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target,"
"confident" and similar statements. Such statements are based upon
management's current expectations and current market and operating
conditions, and relate to events that involve known or unknown
risks, uncertainties and other factors, all of which are difficult
to predict and many of which are
beyond Yirendai's control. Forward-looking statements
involve risks, uncertainties and other factors that could cause
actual results to differ materially from those contained in any
such statements. Potential risks and uncertainties include, but are
not limited to, uncertainties as to Yirendai's ability to
attract and retain borrowers and investors on its marketplace, its
ability to introduce new loan products and platform enhancements,
its ability to compete effectively, PRC regulations and policies
relating to the peer-to-peer lending service industry in
China, general economic conditions
in China, and Yirendai's ability
to meet the standards necessary to maintain listing of its ADSs on
the NYSE or other stock exchange, including its ability
to cure any non-compliance with the NYSE's continued listing
criteria. Further information regarding these and other risks,
uncertainties or factors is included
in Yirendai's filings with the U.S. Securities and
Exchange Commission. All information provided in this press
release is as of the date of this press release, and
Yirendai does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under applicable law.
About Yirendai
Yirendai Ltd. (NYSE: YRD) is a leading online consumer finance
marketplace in China connecting
investors and individual borrowers. The Company provides an
effective solution to address largely underserved investor and
individual borrower demand in China through an online platform that
automates key aspects of its operations to efficiently match
borrowers with investors and execute loan transactions. Yirendai
deploys a proprietary risk management system, which enables the
Company to effectively assess the creditworthiness of borrowers,
appropriately price the risks associated with borrowers, and offer
quality loan investment opportunities to investors. Yirendai's
online marketplace provides borrowers with quick and convenient
access to consumer credit at competitive prices and investors with
easy and quick access to an alternative asset class with attractive
returns. For more information, please visit
yirendai.investorroom.com.
For investor and media inquiries, please
contact:
Yirendai
Hui (Matthew)
Li
Director of Investor Relations
Email: matthewli@yirendai.com
Christensen
In China
Christian Arnell
Phone: +86 (0) 10-59001548
Email: carnell@christensenir.com
In the U.S.
Linda Bergkamp
Phone: +1 (480) 614-3004
Email: lbergkamp@christensenir.com
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SOURCE Yirendai Ltd.