LightInTheBox Holding (LITB) Says Alan Guo, Founder, Chairman and CEO, is Voluntarily Stepping Down
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 certain management and Board of Directors of the Company (the "Board") changes.
Mr. Alan Guo, founder, Chairman and CEO, is voluntarily stepping down as CEO and Chairman of the Board to pursue other personal interests. In order to ensure an orderly transition, Mr. Guo will remain as CEO of the Company for up to 60 days. Mr. Guo will continue to serve on the Board as a director.
Mr. Zhi Yan, Co-Chairman and CEO of Zall Smart Commerce Group Ltd. (formerly known as Zall Group Ltd.) ("Zall"), has been elected as Chairman of the Board with effect immediately. Mr. Yan has been serving on the Board of LITB since March 30, 2016.
Mr. Alan Guo commented, "After I founded LightInTheBox with my co-founders, I served as Chairman and CEO for 10 years. I have decided that the time has come for me to purse other interests and for the Company to embrace a new leadership to develop new initiatives and opportunities. I warmly welcome Mr. Yan as the new Chairman of the Board and I look forward to continuing to work closely with him."
Mr. Zhi Yan, new Chairman of LightInTheBox, said, "We are grateful for Alan's past leadership, hard work, and contributions as founder and CEO to successfully build and develop the Company. We will work diligently to identify a new CEO capable of further developing the Company. I also look forward to increasing cooperation between LightInTheBox and Zall with the aim of increasing value for the Company's shareholders".
In addition, Zall Cross-border E-commerce Investment Company Limited ("Zall E-commerce"), a wholly-owned subsidiary of Zall, and AOGANG International (Hong Kong) Corporation Limited ("AOGANG International"), a wholly-owned subsidiary of Zhejiang Aokang Shoes Co., Ltd., two shareholders of the Company, have entered into a shareholder voting agreement in order to provide the Company with the support needed to achieve long-term success. Zall E-commerce and Wincore Holdings Limited ("Wincore"), an entity wholly-owned by Mr. Alan Guo, have also entered into a shareholder voting agreement. Both agreements provide Zall E-commerce with the ability to vote the shares held by AOGANG International and Wincore.