Wish announces board changes and strengthens management team

On August 10, Beijing time , ContextLogic, the parent company of Wish, a global mobile e-commerce platform, announced changes to its board of directors and strengthened management team building. Piotr Szulczewski resigned from the company's board of directors. At the same time, the board of directors has elected Larry Kutscher as an independent director and member of the audit committee. The above changes are effective immediately .

Additionally, Wish announced a series of executive promotions, effective August 3, 2022:

Vivian Liu, currently Chief Financial Officer , has been promoted to concurrently serve as Chief Operating Officer;

Tarun Jain, currently Chief Product Officer , has been promoted to concurrently serve as Chief Customer Officer;

Jerry Louis, vice president of engineering , was promoted to interim chief technology officer of Wish;

Mauricio Monico, Vice President of Merchant and Logistics Products, was promoted to Chief Merchant Officer of Product ;

General Counsel and Secretary Devang Shah was promoted to Chief Administrative Officer.

“I’m proud of what Wish has accomplished over the past 12 years,” said Mr. Szulczewski. “When we founded Wish, we built a global platform that was fun, entertaining, and affordable , redefining the e-commerce experience. We’ve come a long way, and now it’s time to pass the baton to Wish’s new leadership team to lead Wish to the next stage of success.”

“Under Piotr’s leadership, Wish has grown from a small upstart brand to a globally significant e -commerce platform. He has laid an excellent foundation for us to compete and grow on the global stage, ” said Vijay Talwar, CEO of Wish. “On behalf of the entire board and Wish’s management team, I would like to thank Piotr for his contributions and dedication to the company.”

“We are very pleased to welcome Larry to our Board of Directors. His extensive operational leadership experience and deep understanding of value creation and business transformation will be invaluable assets at this important time in our Company’s journey,” said Vijay Talwar. “In addition, I am pleased to promote our management team from within, as their tireless efforts and determination are recognized.”

Mr. Szulczewski has converted all of his high-voting Class B shares into Wish Class A common stock. As a result, all other Wish Class B shares will automatically convert into Class A shares . This decision simplifies the Company's share structure from a dual-class share structure to a single-class share structure. Mr. Szulczewski's share conversion achieves equal voting power for all Wish shareholders and reduces their overall voting power from approximately 63% to approximately 8%.

It is reported that Piotr Szulczewski, as the founder of Wish, served as CEO from July 2010 to February 2022. From the establishment of Wish to April 2021, Piotr served as the chairman of Wish and has served as a director of the Wish board of directors to date.

About Larry Kutscher

Mr. Lawrence (Larry) Kutscher is the current CEO and board member of A Place for Mom, Inc., a premier technology-driven platform in the senior care information industry. He has over 20 years of leadership experience driving transformational growth for data and technology companies. Larry previously served as CEO of TravelClick and Register.com, Managing Director of Dun & Bradstreet’s Small Business Group, Managing Director of Goldman Sachs Wealth Management, and began his career at American Express. Larry previously served on the boards of Thayer Ventures Acquisition Corporation (now Inspirato Incorporated ) and ReachLocal. He holds a BA in Political Science from Brown University and an MBA from Columbia University.

About Wish:

Wish provides a cost-effective and fun shopping experience for tens of millions of consumers around the world. Founded in San Francisco in 2010, Wish has grown into one of the world's largest e-commerce platforms, connecting tens of millions of cost-effective consumers with hundreds of thousands of merchants. With its own technology and data analysis capabilities, Wish adopts an innovative "discovery" shopping model to create a visually distinctive, fun and personalized shopping experience for each user.