Wish Announces Changes to Board of Directors and Enhancements to Management Team
August 09 2022 - 4:02PM
Business Wire
Founder Converts High Vote Shares and
Establishes Voting Parity for all Shareholders
ContextLogic Inc. (d/b/a Wish or the
“Company”) (NASDAQ: WISH), one of the world’s largest mobile
ecommerce platforms, today announced changes to its Board of
Directors and enhancements to its management team. Piotr
Szulczewski has resigned from the Company's Board of Directors,
and, in conjunction, the Board has elected Larry Kutscher as an
independent director and a member of the audit committee, both
effective immediately.
Wish also announced a number of executive-level promotions,
effective as of August 3, 2022:
- Vivian Liu, in addition to her current role as Chief
Financial Officer, has been promoted to Chief Operating
Officer
- Tarun Jain has been promoted to Chief Customer Officer,
in addition to his current role as Chief Product Officer
- Jerry Louis has been promoted from Vice President of
Engineering to Wish's interim Chief Technology Officer
- Mauricio Monico has been promoted from Vice President of
Product Management, Merchant & Logistics to Chief Merchant
Officer, Product
- Devang Shah, in addition to his current role as General
Counsel and Secretary, has been promoted to Chief Administrative
Officer
“We are excited to welcome Larry to the Wish Board of Directors.
His broad operational leadership experience and deep understanding
of value creation and turnarounds will be hugely valuable at such
an important time in our Company’s lifecycle,” said Mr. Talwar.
“Additionally, I’m thrilled to be able to promote so many of our
own people and recognize our executive team's relentless focus and
determination as we write the next chapter of Wish together.”
“Under Piotr’s leadership, Wish grew from a small challenger
brand into a leading global marketplace. The foundations he set
have put us in good stead to compete and thrive on a global stage,”
said Vijay Talwar, Wish’s Chief Executive Officer. “On behalf of
the entire Board and Wish's management team, I thank Piotr for his
contributions and dedicated service to the Company.”
“I am so proud of what we have achieved at Wish over the past 12
years,” said Mr. Szulczewski. “When we set out on our journey, we
wanted to redefine the ecommerce experience by building a platform
that was both fun and entertaining, and also affordable and
accessible to all. We have come a long way, and it is now time to
pass the baton to the team that will guide Wish during its next
stage of growth.”
Mr. Szulczewski has converted all of his high voting Class B
shares into Wish Class A shares. As a result, all other Class B
shares will automatically convert into Class A shares, simplifying
the Company’s structure from a dual to a single class structure and
establishing voting rights parity for all Wish shareholders. This
change reduces his outstanding voting rights from approximately 62%
to approximately 8%.
Mr. Szulczewski founded Wish and served as Chief Executive
Officer from the Company’s inception in July 2010 through February
2022. He also served as Chairman of the Board from inception until
April 2021, and then as a director until now.
About Larry Kutscher
Mr. Lawrence (Larry) Kutscher is currently Chief Executive
Officer at A Place for Mom, Inc., the leading technology-driven
senior living referral platform. With over 20 years of executive
leadership driving transformational growth for data and technology
companies, Larry previously served as CEO of TravelClick and
Register.com, General Manager of the Small Business Group at Dun
& Bradstreet, Managing Director with Goldman Sachs Wealth
Management, and began his career in several leadership roles at
American Express. Larry currently serves on the Board of A Place
for Mom and previously served on the Boards of Thayer Ventures
Acquisition Corporation (now Inspirato Incorporated) and
ReachLocal. Mr. Kutscher received a bachelor’s degree in political
science from Brown University and his M.B.A. from Columbia
University.
About Wish
Wish brings an affordable and entertaining shopping experience
to millions of consumers around the world. Since our founding in
San Francisco in 2010, we have become one of the largest global
ecommerce platforms, connecting millions of value-conscious
consumers to hundreds of thousands of merchants globally. Wish
combines technology and data science capabilities and an innovative
discovery-based mobile shopping experience to create a
highly-visual, entertaining, and personalized shopping experience
for its users. For more information about the company or to
download the Wish mobile app, visit www.wish.com or follow @Wish on
Facebook, Instagram and TikTok or @WishShopping on Twitter and
YouTube.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact could be deemed forward-looking, including, but
not limited to, statements regarding Wish's outlook, priorities,
strategic direction, the impact of Mr. Szulczewski’s resignation
and Class B share conversion, including the reduction in Mr.
Szulczewski’s voting rights and related effects, the shift from a
dual to single class structure, the impact of Mr. Kutscher’s
addition to the Board, business operations, and growth initiatives.
In some cases, forward-looking statements can be identified by
terms such as “anticipates,” “believes,” “could,” “estimates,”
“expects,” “foresees,” “forecasts,” “guidance,” “intends” “goals,”
“may,” “might,” “outlook,” “plans,” “potential,” “predicts,”
“projects,” “seeks,” “should,” “targets,” “will,” “would” or
similar expressions and the negatives of those terms. These
forward-looking statements are subject to risks, uncertainties, and
assumptions. If the risks materialize or assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. New risks emerge from
time to time. It is not possible for our management to predict all
risks, nor can we assess the impact of all factors on our business
or the extent to which any factor, or combination of factors, may
cause actual results to differ materially from those contained in
any forward-looking statements we may make. Further information on
these and additional risks that could affect Wish’s results is
included in its filings with the Securities and Exchange Commission
(“SEC”), including its most recent Annual Report on Form 10-K and
Quarterly Report on Form 10-Q, and future reports that Wish may
file with the SEC from time to time, which could cause actual
results to vary from expectations. Any forward-looking statement
made by Wish in this news release speaks only as of the day on
which Wish makes it. Wish assumes no obligation to, and does not
currently intend to, update any such forward-looking statements
after the date of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20220809005445/en/
Media contact: Carys Comerford-Green press@wish.com
IR contact: Randy Scherago ir@wish.com
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