BEIJING, Nov. 16, 2018 /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, today announced the resignation of Mr.
Zhiping Qi, Chief Executive Officer of LightInTheBox, effective
immediately. Mr. Qi's resignation was one of the closing conditions
for the acquisition of Ezbuy Holding Co., Ltd. ("Ezbuy") announced
on November 8, 2018 and was not due
to any disagreement with the Company regarding its business,
finances, accounting and/or any other affairs.
Concurrently, and also as one of the closing conditions for the
acquisition of Ezbuy, the Company's Board of Directors (the
"Board") has appointed Mr. Jian He
Chief Executive Officer and Director and Mr. Meng Lian as Director, effective immediately.
Mr. Qi will remain on the Board as a director and has been
appointed as Vice Chairman of the Board.
Prior to joining LightInTheBox, Mr. Jian
He was the Founder and Chief Executive Officer of Ezbuy, a
Singapore-based leading
cross-border e-commerce platform founded in 2010. Prior to founding
Ezbuy, Mr. He worked in the semiconductor industry for 9 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 led managed the rapid increase
in the pace of technological change, innovation, and business
application. Mr. He holds a Master's Degree from Fudan University
in electrical engineering and Bachelor's Degree in electrical
engineering from Zhejiang
University.
Mr. Meng Lian is a partner at IDG
Capital, a leading investment firm that focuses on private equity,
venture capital and mergers and acquisitions, where he has focused
on internet, mobile internet, and a combination of new technology
and traditional consumer products and services. Prior to joining
IDG, Mr. Lian worked at New Oriental Education (NYSE: EDU). Mr.
Lian receive his MBA from Hong Kong University
of Science and Technology and Bachelor's Degree in law from
Ji'nan University.
Mr. Zhi Yan, Chairman of the
Board of LightInTheBox, commented, "I'm pleased to welcome Jian as
CEO and Meng to the Board where I am sure their deep experience
will benefit LightInTheBox during this transition phase. I'd also
like to thank Zhiping for serving as CEO in the interim and look
forward to working closely with all of them to harness
LightInTheBox's full potential and generate value for
shareholders."
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 and other websites and mobile
applications, which are available in 23 major languages and cover
more than 90% of global Internet users.
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 third 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 3429
Email: ir@lightinthebox.com
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SOURCE LightInTheBox Holding Co., Ltd.