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MOGU Announces Resignation and Appointment of Directors
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
MOGU Inc. (NYSE: MOGU) announced significant management changes effective April 19, 2023. Mr. Yibo Wei and Mr. Xuqiang Yue resigned as directors due to personal reasons. No disagreements with the Board were reported. Following this, Ms. Qi Feng and Mr. Yiming Fan were appointed as directors on April 21, 2023. Ms. Feng, who has been with the company since 2013, served as the financial controller and has extensive industry experience. Mr. Fan, the current CEO since 2014, previously held positions including brand director and marketing vice president. The Compensation Committee will consist of Mr. Andrew Hong Teoh and Ms. Feng, deviating from the NYSE's requirement for all independent members. These changes aim to strengthen the leadership as MOGU continues to enhance its KOL-driven online fashion platform.
Positive
Appointment of experienced leaders Ms. Qi Feng and Mr. Yiming Fan may enhance operational effectiveness.
Ms. Feng's extensive experience in finance could lead to improved financial oversight.
Mr. Fan's prior roles provide valuable insights into marketing and branding strategies.
Negative
Resignations of Mr. Wei and Mr. Yue may create gaps in Board continuity and experience.
HANGZHOU, China--(BUSINESS WIRE)--
MOGU Inc. (NYSE: MOGU) (“MOGU” or the “Company”), a KOL-driven online fashion and lifestyle destination in China, announced that:
Mr. Yibo Wei (“Mr. Wei”) has resigned as a director of the Company due to personal reasons, effective April 19, 2023; and
Mr. Xuqiang Yue (Mr. “Yue”) has resigned as a director of the Company and a member of the compensation committee (the “Compensation Committee”) of the board (the “Board”) of directors of the Company due to personal reasons, effective April 19, 2023.
Each of Mr. Wei and Mr. Yue has confirmed that neither of them has disagreement with the Board, nor is there any other matter relating to their resignation as the directors that needs to be brought to the attention of holders of securities of the Company or The New York Stock Exchange (“NYSE”).
The Board further announced that:
Ms. Qi Feng (“Ms. Feng”) has been appointed as a director of the Company and a member of the Compensation Committee, effective April 21, 2023; and
Mr. Yiming Fan (“Mr. Fan”) has been appointed as a director of the Company, effective April 21, 2023.
The Compensation Committee consists of two board members, Mr. Andrew Hong Teoh, who is an independent director of the Company and Ms. Qi Feng, who is an executive director of the Company. The Company opts to follow its home country practice in lieu of the requirement under NYSE Section 303A.05(a) to have a compensation committee comprised entirely of independent directors.
The biographical details of Ms. Feng and Mr. Fan are as follows:
Ms. Qi Feng has served as our financial controller since May 2021. Ms. Feng joined the Company in June 2013 as the director of the finance department and served as the assistant to the president of the Company from February 2018 to May 2021. Prior to joining us, Ms. Feng worked at State Street Technology (Zhejiang) Co., Ltd. as the reporting manager from 2012 to 2013 and worked for over 6 years at PricewaterhouseCoopers Consultants (Shenzhen) Limited and KPMG Enterprise Consulting Co., Ltd.Ms. Feng received her bachelor’s degree in mathematics in 2003 and master’s degree in financing in 2006 from Zhejiang University.
Mr. Fan is currently serving as the chief executive officer of our Company. He has been working at the Company since 2014, and served as a brand director, a vice president of marketing and a general manager of business prior to his appointment as the CEO. At his prior position, Mr. Fan was in charge of the Company’s live video broadcast, platform operation, marketing, branding, public relations and other businesses. At the same time, Mr. Fan serves as a visiting professor at Suzhou University and acted as the final judge of various international marketing communication awards. Prior to joining the Company, Mr. Fan worked at an advertising company for 5 years, which is a member of The American Association of Advertising Agencies. Mr. Fan graduated from Jiangsu Normal University, majoring in advertising.
“I want to congratulate Ms. Feng and Mr. Fan on their new roles at the Company. Their leadership and extensive experience will strengthen the Board and help MOGU fulfil its mission of making fashion accessible to everyone. As we welcome the new additions to our Board, we would also like to thank Mr. Wei and Mr. Yue for their unwavering dedication and service to our Company over the years. Mr. Wei and Mr. Yue played critical roles in forging MOGU into the vibrant company it is today. We extend our heartfelt gratitude to them and wish them the very best in their future endeavors,” commented Mr. Qi Chen as the chairman of Board.
About MOGU Inc.
MOGU Inc. (NYSE: MOGU) is a KOL-driven online fashion and lifestyle destination in China. MOGU provides people with a more accessible and enjoyable shopping experience for everyday fashion, particularly as they increasingly live their lives online. By connecting merchants, KOLs and users together, MOGU’s platform serves as a valuable marketing channel for merchants, a powerful incubator for KOLs, and a vibrant and dynamic community for people to discover and share the latest fashion trends with others, where users can enjoy a truly comprehensive online shopping experience.
This announcement contains forward-looking statements. These statements are 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” and similar statements. MOGU may also make written or oral forward-looking statements in its filings with the U.S. Securities and Exchange Commission (the “SEC”), 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. Statements that are not historical facts, including statements about MOGU’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in our annual report on Form 20-F, the 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release, and MOGU does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
What management changes were announced by MOGU on April 19, 2023?
MOGU announced the resignation of directors Mr. Yibo Wei and Mr. Xuqiang Yue due to personal reasons, effective April 19, 2023.
Who were the new appointments to MOGU's Board on April 21, 2023?
Ms. Qi Feng and Mr. Yiming Fan were appointed as directors of MOGU on April 21, 2023.
What positions did Ms. Qi Feng and Mr. Yiming Fan hold prior to their appointments?
Ms. Qi Feng served as the financial controller, while Mr. Yiming Fan was the CEO of the company.
How does MOGU's Board structure comply with NYSE regulations?
MOGU's Compensation Committee includes Ms. Qi Feng as an executive director, which is a deviation from NYSE's requirement for all independent directors.
What impact could the management changes have on MOGU's business?
The changes could lead to improved operational effectiveness, leveraging Ms. Feng's financial expertise and Mr. Fan's marketing experience.
MOGU Inc. American Depositary Shares, each representing three-hundred (300)
