iQIYI Announces Changes to Board Composition
June 14 2018 - 7:00AM
iQIYI, Inc. (NASDAQ:IQ) ("iQIYI" or the "Company"), an innovative
market-leading online entertainment service in China, today
announced changes to its board composition. Ms. Jane Jie Sun, the
chief executive officer and a director of Ctrip, has been
appointed as an independent director and a member of the audit
committee of the board of directors (the "Board") of the Company.
Dr. Haifeng Wang, senior vice president of Baidu and general
manager of Baidu's AI Group, has been appointed as a
director of the Board. Dr. Qi Lu has resigned from the Board
and its compensation committee, and Mr. Herman Yu has been
appointed as the chairman of the compensation committee. These
changes will be effective on June 14, 2018.
“We’d like to warmly welcome Jane and Haifeng to
our Board,” said Dr. Yu Gong, Founder, Director and Chief Executive
Officer of iQIYI. “Their extensive industry expertise and
leadership experience will bring significant value to iQIYI as the
Company continues on its path to become a technology-based
entertainment giant. On behalf of the Board, I’d also like to thank
Qi for his support and contribution to the Company over the past
year.”
Jane Jie Sun serves as the Chief Executive Officer
and a member of the board of directors of Ctrip.com International,
Ltd. (NASDAQ:CTRP) from November 2016. Prior to that, she was the
Chief Operating Officer since May 2012 and Co-President since March
2015, and Chief Financial Officer from 2005 to 2012. Ms. Sun is
well respected for her extensive experiences in operating and
managing online travel businesses, mergers and acquisitions, and
financial reporting and operations. In 2018, she was named one of
the Emergent 25 Asia’s latest star businesswomen by Forbes Asia. In
2017, she was also named one of the most influential and
outstanding businesswomen by Forbes China, one of Fortune’s Top 50
Most Powerful Women in Business, and one of FastCompany’s Most
Creative People in Business. During her tenure at Ctrip, she won
the Best CEO and Best CFO Award by Institutional Investor. Prior to
joining Ctrip, Ms. Sun worked as the head of the SEC and External
Reporting Division of Applied Materials, Inc. since 1997. Prior to
that, she worked with KPMG LLP as an audit manager in Silicon
Valley, California for five years. She is a member of American
Institute of Certified Public Accountants and State of California
Certified Public Accountant. Ms. Sun received her bachelor’s degree
from the business school of the University of Florida with high
honors. She also attended Beijing University Law School and
obtained her LLM degree.
Haifeng Wang, Ph.D., joined Baidu in 2010 and was
promoted to senior vice president in May 2018. Dr. Wang is in
charge of Baidu’s Artificial Intelligence Group (AIG) and heads
Baidu Research, overseeing Baidu’s development efforts in machine
learning, big data, computer vision, natural language processing,
speech technology, knowledge graph, robotics, augmented reality and
maps. From 2014 to 2017, Dr. Wang oversaw Baidu’s core search
products. Currently he serves as president of National Engineering
Laboratory for Deep Learning Technology and Applications. Dr.
Wang is a fellow of the Association for Computational Linguistics
(ACL). He obtained his bachelor’s, master’s, and Ph.D. degrees in
computer science at the Harbin Institute of Technology.
About iQIYI,
Inc.
iQIYI, Inc. (NASDAQ:IQ) (“iQIYI” or the “Company”)
is an innovative market-leading online entertainment service in
China. Its corporate DNA combines creative talent with technology,
fostering an environment for continuous innovation and the
production of blockbuster content. iQIYI’s platform features highly
popular original content, as well as a comprehensive library of
other professionally-produced content, partner-generated content
and user-generated content. The Company distinguishes itself in the
online entertainment industry by its leading technology platform
powered by advanced AI, big data analytics and other core
proprietary technologies. iQIYI attracts a massive user base with
tremendous user engagement, and has developed a diversified
monetization model including membership services, online
advertising services, content distribution, live broadcasting,
online games, IP licensing, online literature and e-commerce etc.
For more information on iQIYI, please visit
http://ir.iqiyi.com.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the "safe harbor"
provisions of 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," "confident" and
similar statements. Among other things, the quotations from
management in this announcement contain forward-looking statements.
iQIYI may also make written or oral forward-looking statements in
its periodic reports to the U.S. Securities and Exchange
Commission, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Statements that
are not historical facts, including but not limited to statements
about iQIYI's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: iQIYI's
strategies; iQIYI's future business development, financial
condition and results of operations; iQIYI's ability to retain and
increase the number of users, members and advertising customers,
and expand its service offerings; competition in the online
entertainment industry; changes in iQIYI's revenues, costs or
expenditures; Chinese governmental policies and regulations
relating to the online entertainment industry, general economic and
business conditions globally and in China and assumptions
underlying or related to any of the foregoing. Further information
regarding these and other risks is included in the Company’s
filings with the Securities and Exchange Commission. All
information provided in this press release and in the attachments
is as of the date of the press release, and iQIYI undertakes no
duty to update such information, except as required under
applicable law.
For more information, please contact:
Investor RelationsiQIYI, Inc.+86 10 8264
6585ir@qiyi.com
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