Secoo Announces Changes in Board of Directors
September 20 2018 - 6:00AM
Secoo Holding Limited (“Secoo”, the “Company” or “We”)
(NASDAQ: SECO), Asia’s largest online integrated upscale products
and services platform, today announced the following changes to its
Board of Directors (the “Board”) and Board committees:
- Mr. Wenning Xing has been appointed as an independent director
of the Company, effective immediately, based on the recommendation
of the nominating and corporate governance committee of the
Board.
- Five non-independent directors of the Company, including Mr.
Xian Chen, Ms. Zhaohui Huang, Mr. Jeff Zhaoxian Lin, Ms. Ping Xu
and Mr. Le Yu, will step down from the Board, effective
immediately, and Ms. Zhaohui Huang no longer serves as a member of
the nominating and corporate governance committee of the Board,
effective on the same date. These resignations were not a result of
any disagreement with the Company regarding its business,
operations, policies, practices or any other matters.
- Mr. Richard Rixue Li, the Chairman and Chief Executive Officer
of the Company, no longer serves as a member of the compensation
committee of the Board, effective immediately.
Upon the effectiveness of these changes, the
Board will consist of seven directors, including four independent
directors. All the committees of the Board satisfy the independence
requirement of the Nasdaq.
“These changes announced today strengthen our
corporate governance by refreshing our Board composition and
strategic insight to leadership in areas critical to our future
success,” said Richard. “The Board and management team are pleased
to welcome Mr. Xing to our Board. He will bring us extensive media
industry knowledge, investment expertise and corporate management
experience. We are confident that he will be a valuable addition to
our Board as we move forward to the next level and realize greater
value for all Secoo shareholders. We also thank Mr. Chen, Ms.
Huang, Mr. Lin, Ms. Xu and Mr. Yu for their significant
contributions to Secoo during their tenures and wish them the best
in their future endeavors.”
Mr. Wenning Xing, currently serves as the China
Managing Director of Hearst, an operator of several international
magazine and digital media brands such as ELLE, Harper’s Bazaar and
Cosmopolitan, Hearst Media China, Trends Media Group, Fitch China,
A&E Networks, ESPN, VICE, Hearst Ventures, and a media-focused
investment fund. Under his tenure, Hearst made investments such as
Legendary Pictures, Impression Creative, Kunlun Fight, Bilibili,
Liulishuo, Atzuche and Zcool. Wenning is also in charge of handling
government and public relations, strategic business development,
and mergers & acquisitions at Hearst.
Before joining Hearst, Wenning held several
senior executive positions, including Chief Strategy Officer at a
subsidiary of People’s Daily, the biggest newspaper group in China,
founder and Chief Representative at Fremantle Media China and
Executive Director at Bertelsmann China and held key posts at Time
Warner and China Central Television (CCTV). Wenning is a member of
the International Academy of Television Arts & Sciences, and
currently serves as a juror for the International Emmy Awards.
Wenning has been featured in a number of high profile news
articles, including the NY Times in 2012. Wenning is a graduate of
Harvard University and Columbia University.
About Secoo Holding Limited
Secoo Holding Limited (“Secoo”) is Asia’s
largest online integrated upscale products and services platform as
measured by GMV in 2016. Secoo provides customers a wide selection
of authentic upscale products and lifestyle services on the
Company’s integrated online and offline shopping platform which
consists of the Secoo.com website, mobile applications and offline
experience centers, offering over 300,000 SKUs, covering over 3,000
global and domestic brands. Supported by the Company’s proprietary
database of upscale products, authentication procedures and brand
cooperation, Secoo is able to ensure the authenticity and quality
of every product offered on its platform. For more information,
please visit ir.secoo.com.
Safe Harbor Statement
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, and as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include but are not limited to Secoo management quotes and the
Company’s financial outlook. These forward-looking statements can
be identified by terminology such as “will,” “estimate,” “project,”
“predict,” “believe,” “expect,” “anticipate,” “intend,”
“potential,” “plan,” “goal” and similar statements. Secoo
Holding Limited 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. Such
statements involve certain risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
in the forward-looking statements. These forward-looking statements
include, but are not limited to, statements about: the Company’s
goals and strategies; its future business development, financial
condition and results of operations; its ability to attract and
retain new customers and to increase revenues generated from repeat
customers; its expectations regarding demand for and market
acceptance of its products and services; trends and competition in
China’s e-commerce market; changes in its revenues and certain cost
or expense items; the expected growth of the Chinese e-commerce
market; Chinese governmental policies relating to the Company’s
industry and general economic conditions in China. For
additional information on these and other important factors that
could adversely affect the Company's business, financial condition,
results of operations and prospects, please see its filings with
the U.S. Securities and Exchange Commission.
For investor and media inquiries, please
contact:
In China: Secoo Holding Limited Jingbo Ma Tel: +86 (10)
6588-0135 E-mail: ir@secoo.com
The Piacente Group, Inc. Jenny Cai Tel: +86 (10) 5730-6200
E-mail: Secoo@tpg-ir.com
In the United States: The Piacente Group, Inc.
Brandi Piacente Tel: +1-212-481-2050
E-mail: Secoo@tpg-ir.com
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