Wish Appoints Joe Yan Interim CEO and Reiterates Third Quarter 2022 Adjusted EBITDA Guidance
September 08 2022 - 4:15PM
Business Wire
ContextLogic Inc. (d/b/a “Wish”) (NASDAQ: WISH), one of the
world’s largest mobile ecommerce platforms, today announced that
Joe Yan, Operating Partner at GGV Capital, has been appointed
interim CEO, and that Vijay Talwar has departed the Company as CEO
and from the Board of Directors, effective immediately. He will be
available to Yan and the Board as needed to ensure a smooth
transition. The Board has engaged a leading national executive
search firm to identify a permanent CEO.
Yan brings almost two decades of experience across ecommerce
strategy and operation, product management, sales and marketing and
business development. His prior roles include Head of Greater China
at Stripe, Head of Strategic Partnerships at Google China, Vice
President at VIP.com, Director of International Corporate
Development at Alibaba Group and Head of Global Selling at Amazon
China. He has also previously served as Vice President of Merchant
Services for Wish.
“We thank Vijay for his service and commitment to Wish over the
past several months and welcome Joe to lead the Company during this
transition period. Joe’s deep understanding of ecommerce and cross
border business, as well as his domain knowledge of Wish’s
business, make him uniquely qualified and the right culture fit to
keep the Company’s transformation plan progressing during the
search for a permanent CEO,” said Tanzeen Syed, Chairman of the
Wish Board of Directors. “As we outlined in our second quarter
results, we are seeing early success in our strategic turnaround
along our three foundational pillars: improving the consumer
experience, deepening our merchant relationships and achieving
operational efficiencies. We continue to be excited about our next
phase of growth and all that is to come.”
In addition to his role as interim CEO of Wish, Yan will retain
his position as Operating Partner at GGV Capital.
Wish Reiterates Third Quarter 2022 Adjusted EBITDA
Guidance
As previously communicated during the Company’s second quarter
2022 earnings call, Wish remains on track to achieving an adjusted
EBITDA loss in the range of ($110) million to ($130) million during
the three-month period ending September 30, 2022.
The Company will provide additional detail on its financials and
operational progress when it reports its full third quarter 2022
results.
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, management team, interim CEO transition,
effectiveness, and impact on the strategic turnaround, permanent
CEO search, 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/20220908006067/en/
Media contact: Carys Comerford-Green press@wish.com
IR contact: Randy Scherago ir@wish.com
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