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MOGU Announces Resignation and Appointment of Chief Executive Officer
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
MOGU Inc. has announced the resignation of CEO Qi Chen effective March 17, 2023, citing personal reasons. Mr. Chen will remain as chairman and confirmed no disagreements with the Board. Replacing him, Yiming Fan, a long-time company executive, will take over as CEO on the same date. Fan brings extensive experience, having held various leadership positions within MOGU since 2014 and has been integral to its marketing and branding efforts. The Board believes Fan’s leadership will support MOGU's mission in the competitive online fashion space in China.
Positive
Appointment of Yiming Fan as new CEO may provide fresh perspectives and continuity.
Yiming Fan has extensive experience within the company, enhancing leadership stability.
Negative
Resignation of Qi Chen could raise concerns regarding leadership continuity.
HANGZHOU, China--(BUSINESS WIRE)--
MOGU Inc. (NYSE: MOGU) (“MOGU” or the “Company”), a KOL-driven online fashion and lifestyle destination in China, announced the resignation of Mr. Qi Chen (“Mr. Chen”) as the Chief Executive Officer of the Company (the “CEO”) due to personal reasons, effective March 17, 2023. Mr. Chen will retain his position as the chairman of the board of the directors (the “Board”).
Mr. Chen has confirmed that he has no disagreement with the Board and there is no other matter relating to his resignation as the CEO that needs to be brought to the attention of holders of securities of the Company or The New York Stock Exchange.
The Board is pleased to announce the appointment of Mr. Yiming Fan (“Mr. Fan”) as the new CEO of the Company, effective March 17, 2023.
Mr. Fan has been serving at the Company since 2014, and served as a brand director, a vice president of marketing and a general manager of business of Mogujie 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 Mr. Fan on his new role at the Company,” commented Mr. Qi Chen as the chairman of Board. “Mr. Fan is a proven business leader with a strong track record. His leadership and extensive experience will strengthen the Board and help MOGU fulfill its mission of making fashion accessible to everyone. I look forward to working with him closely as we enter the next exciting phase of our growth story.”
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.
