ContextLogic Announces Post-Closing Board of Directors and Management Team
SAN FRANCISCO, April 02, 2024 (GLOBE NEWSWIRE) -- ContextLogic Inc. (d/b/a Wish) (NASDAQ: WISH) (“ContextLogic” or the “Company”) today announced that it will reconstitute its Board of Directors and management team upon completion of its pending transaction under which it will sell substantially all of its operating assets and liabilities, principally comprising its Wish ecommerce platform (the “Asset Sale”), to Qoo10 Pte. Ltd. (“Qoo10”). The transaction is expected to be completed in the second quarter of 2024.
- Upon closing, the reconstituted Board will comprise five directors, four of whom will be independent and newly appointed.
- Rishi Bajaj, Founder, President and Chief Investment Officer at Altai Capital Management and current director at ContextLogic.
- Bajaj joined the ContextLogic Board in November 2023 and played an active strategic role in structuring the Asset Sale.
- At the same time, ContextLogic directors Tanzeen Syed, Julie Bradley, Larry Kutscher, Stephanie Tilenius, Hans Tung and Joe Yan will step down from the Board.