SINGAPORE, March 30,
2023 /PRNewswire/ -- LightInTheBox Holding
Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the "Company"), a
global online retail company that delivers products directly to
consumers around the world, announced that:
(i) Zhi Yan ("Mr. Yan") has resigned as the chairman
of the board of director (the "Board"), a director of the Company
(the "Director") and a member of the corporate governance and
nominating committee of the Board due to personal reasons,
effective March 29, 2023; and
(ii) Gang Yu ("Dr. Yu") has
resigned as a Director and a member of the compensation committee
of the Board due to personal reasons, effective March 29, 2023.
Each of Mr. Yan and Dr. Yu has confirmed that he has no
disagreement with the Board, the board committees of the Company,
the Company, and there is no other matter relating to his
resignation as the Director that needs to be brought to the
attention of holders of securities of the Company or The New York
Stock Exchange.
The Board further announce that:
(i) Mr. Jian He ("Mr. He") has been appointed as the
chairman of the Board, effective March 29,
2023.
(ii) Ms. Ge Yan ("Ms. Yan") has been appointed as a
Director, effective March 29, 2023;
and
(iii) Mr. Wei Yu ("Mr. Yu") has been appointed as a
Director, effective March 29,
2023.
Mr. He is currently the chief executive officer and Director of
the Company. Prior to joining the Company, Mr. He was the founder
and chief executive officer of Ezbuy, a Singapore-based leading cross-border
e-commerce platform founded in 2010, which we acquired in
December 2018. Prior to founding
Ezbuy, Mr. He worked in the semiconductor industry for nine years
including at GlobalFoundries and SMIC. As a core team member of the
0.18, 0.13-micron and 65nm technology nodes yield and product teams
at GlobalFoundries and SMIC, Mr. He managed the rapid increase in
the pace of technological change, innovation, and business
applications. Mr. He holds a master's degree from Fudan University
in electrical engineering and a bachelor's degree in electrical
engineering from Zhejiang
University.
Ge Yan has served as our director
since March 2023. Ms. Yan received
her bachelor's degree in International Management from King's
College London. She received her master's degree in Regional and
Urban Planning Studies from the London School
of Economics and Political Science. Ms. Yan is currently
pursuing her Doctor of Philosophy in Population Medicine at Peking
Union Medical College.
Wei Yu has served as our director
since March 2023. Mr. Yu has also
served as an executive director of Zall Smart Commerce Group Ltd.
("Zall Group") (HKSE Code: 2098), the Co-President of North Hankou
Group, and the Chairman of Zall International Trade Group Co., Ltd.
Mr. Yu is currently responsible for the overall operation and
management of the digital trade, international trade segment,
overseas business and logistics and warehousing business of Zall
Group. Mr. Yu has extensive experience in transportation, finance,
digital trade, international commodities trading, internet
logistics, strategic supply chain solution planning and risk
management. Mr. Yu has participated in the establishment of Wuhan
Zall Cloud Group, Commodities Intelligence Centre in Singapore and ZMA Smart Capital. Mr. Yu
received his Executive Master of Business Administration from China
Europe International Business School in 2013.
"I would like to congratulate Mr. He, Ms. Yan and Mr. Yu on
their respective new roles at the Company," commented Mr. Yan as
the chairman of Board. "We are very pleased to welcome Mr. He, Ms.
Yan and Mr. Yu to the Board of LightInTheBox. Mr. He, Ms. Yan and
Mr. Yu are accomplished individuals with strong track records of
success. Their knowledge and experience will strengthen our Board
and Company. I fully expect the new Board to lead our Company into
the next exciting phase of our growth journey."
"As we welcome the new additions to our Board, we would also
like to thank Mr. Yan and Dr. Yu for their unwavering dedication
and service to our Company over the years," commented Mr. He as the
chief executive officer of the Company. "Mr. Yan and Dr. Yu played
critical roles in forging LightInTheBox into the vibrant company it
is today. We extend our heartfelt gratitude to them and wish them
the very best in their future endeavors."
About LightInTheBox Holding Co., Ltd.
LightInTheBox is a global online retail company that delivers
products directly to consumers around the world. The Company offers
customers a convenient way to shop for a wide selection of products
at attractive prices through its www.lightinthebox.com,
www.miniinthebox.com, www.ezbuy.sg and other websites and mobile
applications, which are available in over 20 major languages and
cover more than 140 countries.
For more information, please visit www.lightinthebox.com.
Forward-Looking Statements
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," "potential," "continue," "ongoing,"
"targets" and similar statements. Among other things, statements
that are not historical facts, including statements about
LightInTheBox's beliefs and expectations, the business outlook and
quotations from management in this announcement, as well as
LightInTheBox's strategic and operational plans, are or contain
forward-looking statements.
LightInTheBox may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission (the "SEC"), in press releases and other
written materials and in oral statements made by its officers,
directors or employees to fourth parties. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward- looking statement, including but not
limited to the following: LightInTheBox's goals and strategies;
LightInTheBox's future business development, results of operations
and financial condition; the expected growth of the global online
retail market; LightInTheBox's ability to attract customers and
further enhance customer experience and product offerings;
LightInTheBox's ability to strengthen its supply chain efficiency
and optimize its logistics network; LightInTheBox's expectations
regarding demand for and market acceptance of its products;
competition; fluctuations in general economic and business
conditions and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in LightInTheBox's filings with the SEC. All information
provided in this press release and in the attachments is as of the
date of this press release, and LightInTheBox does not undertake
any obligation to update any forward-looking statement, except
as required under applicable law.
Investor Relations Contact
Christensen
Ms. Xiaoyan Su
Tel: +86 (10) 5900 1548
Email: ir@lightinthebox.com
OR
Christensen
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
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SOURCE LightInTheBox Holding Co., Ltd.