Both the board of directors and company executives have new changes.
On the evening of April 13th, the official website of 58 City (WUBA.US) announced the latest personnel changes.
First of all, a member of the company ’s senior management, Chen Xiaohua stepped down as the chief strategy officer (CSO) of 58 Tongcheng and will focus on the development of 58 Daojia. The post of CSO is concurrently held by Zhou Hao, president of 58 International Business and Head of Investor Relations.
Chen Xiaohua has been the CEO of 58 Daojia since May 2014. 58 Daojia is a housekeeping service company under 58 City, and in February of this year, news of postponing listing in the US was reported. Bloomberg quoted sources as saying that under the influence of the epidemic, there was a shortage of 58 to domestic workers, and the demand for domestic service services was hit, causing the company’s IPO plan to be thwarted.
Zhou Hao is currently the president of 58 City International Business. From May 2011 to September 2019, he served as CFO of 58 City. Prior to this, Zhou Hao served as CFO of CITIC Pharmaceuticals, held several important financial positions including CFO at Wuxi WuXi PharmaTech, and earlier held several senior financial management positions at General Electric Company.
At the board level, 58 Tongcheng announced the appointment of Dong Li and Du Ruipu as independent directors of 58 Tongcheng, effective April 13, 2020. Dong Li will serve as an audit committee member of the Board of Directors and a member of the Corporate Governance Committee, and Du Ruipu will serve as a member of the Remuneration Committee. Lin Xinhe resigned as a director and member of 58 City Board of Directors.
Dong Li is currently an independent non-executive director of Yixin Group (02858.HK) and a member of the audit committee, remuneration committee and nomination committee. Prior to this, Dong Li served as chief financial officer (CFO) of e-driver, director and chief financial officer of Ruidi Ke Microelectronics Co., Ltd., a fabless semiconductor company, and financial operations manager of HP in China. Du Ruipu is the founder and general manager of Depu Capital, which is an investment bank focusing on financial advisory and financing services for multinational mergers and acquisitions. Previously, he was the head of China M & A at HSBC Global Banking and vice president of CICC.
Yao Jinbo, chairman and CEO of 58 Tongcheng, said: “The joining of Dong Li and Du Ruipu has enhanced the diversity of our board of directors and looks forward to our long-term cooperation in the future.”
Before the new round of senior management adjustment, 58 cities had April 2 Lately received a non-binding offer of acquisition from Ocean Link, with a quotation of US $ 55 / ADS. 58 Tongcheng said in the announcement that it will evaluate the offer as soon as possible. On the day of the announcement, 58 stocks in the same city once rose more than 13%.
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(The picture from the 58 city official)