BEIJING, July 27, 2020 /PRNewswire/ -- Renren Inc. (NYSE:
RENN) ("Renren" or the "Company"), which operates a leading premium
used auto business in China
through its subsidiary Kaixin Auto Holdings (NASDAQ: KXIN)
("Kaixin") as well as several U.S.-based SaaS businesses, today
announced the appointment of a new independent director to its
board of directors (the "Board"), Mr. Lin
Cong, effective July 27, 2020. Mr. Tianruo Pu has
concurrently resigned from his positions as a director of the
Company and as a member of each of the three committees of the
Board, effective July 27, 2020. Mr.
Pu resigned for personal reasons and not due to any disagreement
with the Company on any matter relating to the Company's
operations, policies or practices.
After the changes, the Board will continue to consist of five
members, three of whom are independent directors. The audit
committee will consist of Mr. Lin
Cong and Ms. Hui Huang, with
Mr. Cong as the chairman; the compensation committee will consist
of Ms. Hui Huang and Mr.
Lin Cong, with Ms. Huang as the
chairwoman; and the corporate governance and nominating committee
will consist of Mr. Lin Cong and Mr.
Chuanfu Wang, with Mr. Cong as the
chairman.
Lin Cong has served as a vice
president of 58.com Group since March
2017. Mr. Cong currently also serves as a director of
Kaixin, Uxin Limited (Nasdaq: UXIN) and Chaboshi.cn, a used car
inspection company in China.
Before joining 58.com, he was a co-founder of Youche.com, a used
car chain dealer in China, where
he served as chief executive officer from February 2014 to 2017. Mr. Cong also served as a
management consultant with Boston Consulting Group from 2008 to
2009 and as an auditor with PriceWaterhouseCoopers in China from 2002 to 2005. Mr. Cong holds a
bachelor's degree in accounting from Tsinghua University and an
M.B.A. degree from Stanford
University.
"On behalf of the Board of Directors, I would like to express my
gratitude to Mr. Pu for his valuable contributions to Renren during
his tenure on the Board," said Renren's Chairman and Chief
Executive Officer, Mr. Joseph Chen.
"We are delighted to have Mr. Cong join our Board as an independent
director. His rich experience in finance operation and industry
expertise will bring significant value to Renren."
About Renren Inc.
Renren Inc. (NYSE: RENN) operates a leading premium used
auto business in China through its
subsidiary Kaixin Auto Holdings (NASDAQ: KXIN) as well as several
US-based SaaS businesses.
Renren's ADSs, each currently representing forty-five (45)
Class A ordinary shares of the Company, are traded
on NYSE under the symbol "RENN".
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" and similar statements. Renren may also
make written or oral forward-looking statements in its filings with
the U.S. Securities and Exchange Commission (the "SEC"), 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 statements about Renren's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. Further
information regarding these and other risks is included in our
annual report on Form 20-F, the 6-K referred to above and other
documents filed with the SEC. All information provided in this
press release is as of the date of this press release, and Renren
does not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
For more information, please contact:
Investor Relations
Renren Inc.
Tel: (86 10) 8448 1818 ext. 1300
Email: ir@renren-inc.com
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SOURCE Renren Inc.