BEIJING, April 13, 2020 /PRNewswire/ -- 58.com Inc. (NYSE:
WUBA) ("58.com" or the "Company"), China's largest online classifieds
marketplace, today announced changes to its board of directors (the
"Board") and appointment of new Chief Strategic Officer.
58.com has appointed Ms. Lily Li
Dong and Mr. Robert Frank (Bob)
Dodds as independent directors, effective on April 13, 2020. The Board reviewed their
independence and determined that they satisfied the "independence"
requirements under applicable rules and regulations. Ms. Dong will
serve on the audit committee and nominating and corporate
governance committee of the Board, and Mr. Dodds on the compensation committee of the
Board. Mr. Frank Lin has tendered
his resignation as a director on the Board and a member of all the
committees of the Board.
Ms. Lily Li Dong is an
independent non-executive director, a member of the audit
committee, the remuneration committee and the nomination committee
of YiXin Group, a company listed on Hong Kong Stock Exchange. Ms.
Dong joined YiXin Group in June 2017
and was appointed as independent non-executive director in
November 2017. From August 2015 to June
2017, Ms. Dong was the chief financial officer of eDaijia,
an online designated driver service provider. Prior to that, she
served as chief financial officer at RDA Microelectronics, Inc., a
fabless semiconductor company previously listed on Nasdaq Global
Select Market, from November 2007 to
July 2015, and was its director from
January 2014 to July 2015. Prior to that, Ms. Dong worked for
Hewlett-Packard in China since
1992, and was the Finance Operations Manager of Hewlett-Packard
Technology (Shanghai) Co., Ltd.
when she left in 2005. Ms. Dong received her bachelor's degree in
economics from the Nanjing
University of Sciences and Technology, and her executive master's
degree in business administration from China Europe International
Business School.
Mr. Robert Frank (Bob) Dodds is
the founder and managing director of DRP Capital Limited, an
investment banking firm that provides cross-border mergers and
acquisitions advisory services. Mr. Dodds has lived and worked in
Beijing, Shanghai and Hong
Kong for over 20 years. Prior to founding DRP Capital in
2009, Mr. Dodds was Head of China M&A for the Global Investment
Banking Division of HSBC Holdings PLC. Before joining HSBC in 2004,
Mr. Dodds was a vice president at China International Capital
Corporation Limited where he was responsible for M&As and
participated in IPOs and equity placement of major Chinese
companies. Mr. Dodds also serves on the board of Guangdong Fuxin
Technology Co., Ltd. Mr. Dodds received his bachelor's degree in
political science and international relations from Columbia University and his J.D. and M.S.F.S.
degrees from Georgetown University.
Mr. Xiaohua Chen has resigned
as Chief Strategic Officer of 58.com so that he can focus on
the business operations of 58 Home in his capacity as the chief
executive officer of 58 Home. Mr. Hao Zhou has been appointed as
the new Chief Strategic Officer, while he continues to serve as the
President of International Business of 58.com and head of investor
relations.
"I would like to express my greatest and most sincere
appreciation to Mr. Frank Lin and
Mr. Xiaohua Chen for their
contribution to 58.com", commented Michael
Yao, Chairman and Chief Executive Officer of 58.com, "Frank
has been on the board since 2010 and an extremely valuable member
of the board on the strategy and corporate governance of the
company. Mr. Xiaohua Chen joined the
company in 2007 and has worked alongside me as an instrumental
figure all these years. His passion, vision and leadership have
laid great foundations of what 58.com has accomplished today. I
extend my best wishes to both of them in their future endeavor, as
well as the continuous success of 58 Home under the leadership of
Mr. Xiaohua Chen. Also, I would like
to welcome Ms. Lily Dong and Mr.
Bob Dodds joining our Board and the
committees as independent directors and congratulate Mr. Hao Zhou
on the CSO appointment. They come with tremendous industry
knowledge and experience. The addition of Ms. Dong and Mr. Dodds
also enhances our board diversity. The Board and I are looking
forward to working with them in the future."
About 58.com Inc.
58.com Inc. (NYSE: WUBA) operates China's largest online classifieds
marketplace, as measured by monthly unique visitors on both its
www.58.com website and mobile applications. The Company's online
marketplace enables local business users and consumer users to
connect, share information and conduct business. 58.com's broad,
in-depth and high-quality local information, combined with its
easy-to-use website and mobile applications, has made it a trusted
marketplace for consumers. 58.com's strong brand recognition, large
and growing user base, merchant network and massive database of
local information create a powerful network effect. For more
information on 58.com, please visit http://www.58.com.
Safe Harbor Statements
This press release contains forward-looking statements 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," "confident" and similar statements. 58.com may also
make written or oral forward-looking statements in its reports
filed with or furnished to the U.S. Securities and Exchange
Commission, 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. Any statements
that are not historical facts, including statements about 58.com's
beliefs and expectations, are forward-looking statements that
involve factors, risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Such factors and risks include, but not limited to the
following: 58.com's goals and strategies; its future business
development, financial condition and results of operations; its
ability to retain and grow its user base and network of local
merchants for its online marketplace; the growth of, and trends in,
the markets for its services in China; the outbreak of COVID-19 or other
health epidemics in China or
globally; the demand for and market acceptance of its brand and
services; competition in its industry in China; its ability to maintain the network
infrastructure necessary to operate its website and mobile
applications; relevant government policies and regulations relating
to the corporate structure, business and industry; and its ability
to protect its users' information and adequately address privacy
concerns. Further information regarding these and other risks,
uncertainties or factors is included in the Company's filings with
the U.S. Securities and Exchange Commission. All information
provided in this press release is current as of the date of the
press release, and 58.com does not undertake any obligation to
update such information, except as required under applicable
law.
For more information, please contact:
58.com Inc.
ir@58.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
View original
content:http://www.prnewswire.com/news-releases/58com-announces-changes-to-board-and-new-chief-strategic-officer-301039288.html
SOURCE 58.com Inc