58.com (WUBA) EVP Zhang Resigns

November 29, 2016 6:54 AM EST

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58.com Inc. (NYSE: WUBA) announced that an Executive Vice President Mr. Chuan Zhang has tendered his resignation, effective November 29, 2016. Mr. Zhang's resignation was not due to any disagreement with the Company regarding its business, finance, accounting and/or any other affairs. Mr. Zhang will work with the Company to ensure a smooth transition with his successors.

Mr. Zhang's responsibilities will be taken over by Mr. Hongyu Xing, Chief Technology Officer, Mr. Jiandong Zhuang, Executive Vice President, Mr. Mingke He, Senior Vice President, and certain vice presidents.

Mr. Michael Jinbo Yao, Chairman and CEO of 58.com commented, "I'd like to sincerely thank Chuan for his loyalty and contribution to the Company over the past five years. We wish him all the best in his future endeavors. We have been strengthening our senior management teams through external hiring and internal promotions in the past several years and we will continue to do that. I have the upmost confidence in our current management team and their ability to efficiently manage their respective business units."

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