JOYY Announces Leadership Transition
JOYY Inc. (Nasdaq: YY) announced a leadership transition, with Ms. Ting Li succeeding Mr. David Xueling Li as Chairperson and CEO, effective immediately. Mr. Li will remain on the Board to support ongoing business momentum. Ms. Li, previously Director and COO, has been with JOYY since 2011 and joined the Board in November 2023. She aims to continue nurturing content and social entertainment ecosystems, reinforcing market position, and driving product innovations. The transition is part of JOYY's strategy to further diversify revenue streams and seize new growth opportunities in its highly globalized operations.
JOYY Inc. (Nasdaq: YY) ha annunciato un avvicendamento nella leadership, con Ms. Ting Li che succede a Mr. David Xueling Li come Presidente e CEO, con effetto immediato. Mr. Li rimarrà nel Consiglio per supportare il continuo slancio aziendale. Ms. Li, precedentemente Direttore e COO, è con JOYY dal 2011 e si è unita al Consiglio nel novembre 2023. La sua intenzione è quella di continuare a nutrire ecosistemi di contenuti e intrattenimento sociale, rafforzare la posizione nel mercato e promuovere innovazioni di prodotto. Il passaggio rientra nella strategia di JOYY di diversificare ulteriormente le fonti di reddito e cogliere nuove opportunità di crescita nelle sue operazioni altamente globalizzate.
JOYY Inc. (Nasdaq: YY) anunció una transición en el liderazgo, con Ms. Ting Li sucediendo a Mr. David Xueling Li como Presidenta y CEO, con efecto inmediato. Mr. Li permanecerá en la Junta para apoyar el continuo impulso empresarial. Ms. Li, anteriormente Directora y COO, ha estado con JOYY desde 2011 y se unió a la Junta en noviembre de 2023. Su objetivo es continuar nutriendo ecosistemas de contenido y entretenimiento social, reforzando la posición en el mercado y impulsando innovaciones de producto. La transición es parte de la estrategia de JOYY para diversificar aún más las fuentes de ingresos y aprovechar nuevas oportunidades de crecimiento en sus operaciones altamente globalizadas.
JOYY Inc. (Nasdaq: YY)는 리더십 전환을 발표했습니다. Ting Li가 David Xueling Li의 후임으로 즉시 의장 및 CEO로 임명되었습니다. Li 씨는 지속적인 사업 추진을 지원하기 위해 이사회에 남을 것입니다. Li 씨는 이전에 이사 및 COO였으며, 2011년부터 JOYY에서 근무해 왔으며, 2023년 11월에는 이사회에 합류했습니다. 그녀는 콘텐츠 및 소셜 엔터테인먼트 생태계를 육성하고, 시장 위치를 강화하며 제품 혁신을 추진하는 것을 목표로 하고 있습니다. 이러한 전환은 JOYY의 전략의 일환으로, 수익원을 더욱 다양화하고 새로운 성장 기회를 활용하기 위한 것입니다.
JOYY Inc. (Nasdaq: YY) a annoncé une transition dans son équipe dirigeante, avec Ms. Ting Li succédant à Mr. David Xueling Li en tant que Présidente et CEO, effectif immédiatement. Mr. Li restera au Conseil pour soutenir l'élan commercial en cours. Ms. Li, précédemment Directrice et COO, est avec JOYY depuis 2011 et a rejoint le Conseil en novembre 2023. Elle vise à continuer à favoriser des écosystèmes de contenu et de divertissement social, renforcer la position sur le marché et stimuler les innovations produits. Cette transition s'inscrit dans la stratégie de JOYY pour diversifier davantage les sources de revenus et saisir de nouvelles opportunités de croissance dans ses opérations fortement mondialisées.
JOYY Inc. (Nasdaq: YY) hat einen Führungswechsel angekündigt. Ms. Ting Li tritt an die Stelle von Mr. David Xueling Li als Vorsitzende und CEO, mit sofortiger Wirkung. Mr. Li wird im Board bleiben, um das fortlaufende Geschäftswachstum zu unterstützen. Ms. Li, die zuvor Direktorin und COO war, ist seit 2011 bei JOYY und trat im November 2023 dem Board bei. Ihr Ziel ist es, Inhalte und soziale Unterhaltungsökosysteme zu fördern, die Marktposition zu stärken und Produktinnovationen voranzutreiben. Der Wechsel ist Teil der Strategie von JOYY, weitere Einnahmequellen zu diversifizieren und neue Wachstumschancen zu nutzen in ihren stark globalisierten Operationen.
- Planned leadership succession ensuring continuity in business operations
- New CEO has extensive experience with the company since 2011
- Focus on diversifying revenue streams and seizing new growth opportunities
- Emphasis on product innovation and operation refinement to strengthen monetization capabilities
- Strategy to expand global presence through localization
- Potential short-term uncertainty due to leadership change
- Possible shift in strategic direction under new leadership
SINGAPORE, Aug. 03, 2024 (GLOBE NEWSWIRE) -- JOYY Inc. (Nasdaq: YY) (“JOYY” or the “Company”), a global technology company, today announced that its board of directors (the “Board”) has approved a carefully planned leadership succession. Ms. Ting Li, currently Director and Chief Operating Officer of the Company, will succeed Mr. David Xueling Li as Chairperson of the Board (“Chairperson”) and Chief Executive Officer (“CEO”), effective immediately. Mr. David Xueling Li will continue serving as a member of the Board, ensuring continuity and supporting ongoing business momentum.
Mr. David Xueling Li stated, “JOYY has become highly globalized, cultivating an engaging and vibrant user community worldwide. With robust localized operations and continuous innovation, we are poised to further diversify our revenue streams and seize new growth opportunities. The Board and I believe that this is the optimal time for leadership transition. I will remain as a member of the Board, exploring new long-term prospects while supporting the team.”
Mr. David Xueling Li continued, “Ms. Ting Li’s exceptional contributions and strategic vision make her the ideal leader for our next growth phase. As Chief Operating Officer, she has successfully steered our operations through various challenges. Her deep understanding of our past and future direction, coupled with her recent Board experience, ensures a smooth transition.”
Ms. Ting Li commented, “I am grateful for the Board’s trust and I am honored to take on new responsibilities of Chairperson and CEO. We have been dedicated to globalization through localization and expansion of our global presence continually. Looking ahead, we will continue nurturing our content and social entertainment ecosystems and reinforcing our market position. By driving product innovations and operation refinement, we aim to strengthen the foundation and efficiency of our monetization capabilities. In addition, we will keep cultivating initiatives for the long run in order to further diversify revenue and achieve sustainable long-term growth.”
Effective immediately, Ms. Ting Li will assume the roles of Chairperson and CEO. She has been with the Company since 2011, serving as Chief Operating Officer since 2016, and joined the Board in November 2023. Her contribution in developing JOYY’s ecosystem and enriching its content and product offerings has been pivotal. Prior to joining the Company, Ms. Li served as a product manager at Tencent from 2006 to 2011 after receiving a bachelor’s degree from South China University of Technology.
About JOYY Inc.
JOYY is a leading global technology company with a mission to enrich lives through technology. JOYY currently operates several social products, including Bigo Live for live streaming, Likee for short-form videos, Hago for multiplayer social networking, an instant messaging product, and others. The Company has created a highly engaging and vibrant user community for users across the globe. JOYY’s ADSs have been listed on the NASDAQ since November 2012.
Safe Harbor Statement
This press release 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. Among other things, the quotations from management in this press release, as well as JOYY’s strategic and operational plans, contain forward-looking statements. JOYY may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“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 JOYY’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JOYY’s goals and strategies; JOYY’s future business development, results of operations and financial condition; the expected growth of the global online communication social platform market; the expectation regarding the rate at which to gain active users, especially paying users; JOYY’s ability to monetize the user base; the developments in the sale of YY Live; fluctuations in global economic and business conditions; and assumptions underlying or related to any of the foregoing. A more detailed and full discussion of those risks and other potential risks is included in JOYY’s filings with the SEC. All information provided in this press release is as of the date of this press release, and JOYY does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact
JOYY Inc.
Jane Xie/Maggie Yan
Email: joyy-ir@joyy.com
ICR, Inc.
Robin Yang
Email: joyy@icrinc.com
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