NEW YORK, Nov. 14, 2018 /PRNewswire/ -- Ideanomics
(NASDAQ: IDEX) ("Ideanomics" or the "Company"), a leading global
fintech and asset digitization services company is pleased to
announce that Alex Yao is named as
Chairman of the Board of Directors and Brett McGonegal has been named the company's
CEO.
The Ideanomics management team and Board met with Dr. Wu to
discuss the opportunity of his leading the China-US relations
committee. Although Dr. Wu will be participating in a
non-governmental organization, the level of interaction with
government officials means that Dr. Wu cannot remain as the
Chairman and CEO of a U.S. public company. As such, he will be
stepping down from his positions at Ideanomics and will concentrate
on this prestigious and highly visible role as an ambassador for
the benefit of improved relations between China and the U.S. Dr. Wu will remain as
special advisor to the Board of Directors of Ideanomics and will
continue his current role as Chairman and CEO at Sun Seven Stars',
his private, family-held, media and investment company which will
remain as the largest shareholder of Ideanomics.
Bruno Wu, the company's former
Executive Chairman and co-CEO, commented, "Alex and Brett are
exceptional leaders who have demonstrated financial services
innovation and global market expertise throughout their careers. I
have the utmost confidence that they will continue to drive
shareholder value by leading Ideanomics to deliver the types of
digital financial products that both asset holders and investors
are looking for."
Alex Yao is the Chief Executive
Officer of Sun Seven Stars' majority controlled fintech and digital
finance arm, as well as Managing Partner of Long March Capital, an
investment management and advisory firm focused on mining and
infrastructure. Mr. Yao has tremendous experience in private equity
investments in energy, commodities, consumer financing and
technology. He founded Long March Capital, an investment
management and advisory firm focused on consumer finance and
Fintech. Through the platform, Mr. Yao has worked with numerous
large state-owned enterprises and financial institutions to
successfully close several cross-border landmark
acquisitions.
Brett McGonegal joined the
company in September 2018 as co-CEO.
He brings significant operational and financial markets expertise,
formerly serving as CEO of Hong-Kong listed investment bank The Reorient
Group (376HK), which was sold to Alibaba's Jack Ma and associates in 2015 for $3.4bn from an original $11M investment just 4 years prior. Prior to
Reorient, McGonegal was Co-Head of Equity Sales and Trading at
Cantor Fitzgerald in Hong Kong and
a Senior Managing Director at Charles Schwab Capital Markets in the
U.S. Mr. McGonegal will be based out of New York and Hong
Kong.
Richard Frankel has been
appointed Executive Vice Chairman to the Board of Directors of
Ideanomics. Mr. Frankel has 25 years of combined FBI and other US
Law Enforcement Community and prosecutorial experience. He is an
expert in risk identification and mitigation strategies in business
and security risks - cyber, criminal and operational threats. A
former Associate Director of National Intelligence, and Senior FBI
Representative to the Office of the Director of National
Intelligence, Mr. Frankel served for more than 25 years in public
service, the majority of his career with the Federal Bureau of
Investigation (FBI).
About Ideanomics
Ideanomics seeks to become a next
generation fintech company by leveraging blockchain and artificial
intelligence technologies.
We are headquartered in New York,
NY, and have planned a "Fintech Village" center for
Technology and Innovation in West
Hartford, CT, and have offices in London, Hong
Kong 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, and include
statements regarding our intention to transition our business model
to become a next-generation financial technology company, our
business strategy and planned product offerings, our intention to
phase out our oil trading and consumer electronics businesses, and
potential future financial results. 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 risks and uncertainties, such as risks related to: our
ability to continue as a going concern; our ability to raise
additional financing to meet our business requirements; the
transformation of our business model; fluctuations in our operating
results; strain to our personnel management, financial systems and
other resources as we grow our business; our ability to attract and
retain key employees and senior management; competitive pressure;
our international operations; and other risks and uncertainties
disclosed under the sections entitled "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in our most recent Form 10-K and Form 10-Q
filed with the Securities and Exchange Commission, and similar
disclosures in subsequent reports filed with the SEC, which are
available on the SEC website at 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 risk
factors. Other than as required under the securities laws, the
Company does not assume a duty to update these forward-looking
statements.
IR Contacts
Federico
Tovar, CFO at Ideanomics
Tony Sklar, VP of Communications at
Ideanomics
Email: ir@ideanomics.com
www.ideanomics.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/ideanomics-appoints-new-officers-and-directors-300749999.html
SOURCE Ideanomics