ContextLogic Inc., operating under the trade name Wish and listed on the Nasdaq Global Select Market under the ticker WISH, has announced significant changes to its board of directors and executive team, effective upon the completion of a major asset sale to Qoo10 Pte. Ltd. The transaction, which involves the sale of nearly all of ContextLogic's operating assets and liabilities, is expected to finalize in the second quarter of 2024. The restructured board will consist of five directors, including four new independent members: Michael Farlekas, Marshall Heinberg, Elizabeth LaPuma, and Richard Parisi. Rishi Bajaj, who joined the board in November 2023, will continue to serve and is set to become the Chief Executive Officer. The outgoing board members, Tanzeen Syed, Julie Bradley...Show More

ContextLogic Inc., operating under the trade name Wish and listed on the Nasdaq Global Select Market under the ticker WISH, has announced significant changes to its board of directors and executive team, effective upon the completion of a major asset sale to Qoo10 Pte. Ltd. The transaction, which involves the sale of nearly all of ContextLogic's operating assets and liabilities, is expected to finalize in the second quarter of 2024. The restructured board will consist of five directors, including four new independent members: Michael Farlekas, Marshall Heinberg, Elizabeth LaPuma, and Richard Parisi. Rishi Bajaj, who joined the board in November 2023, will continue to serve and is set to become the Chief Executive Officer. The outgoing board members, Tanzeen Syed, Julie Bradley, Lawrence Kutscher, Stephanie Tilenius, Hans Tung, and Jun (Joe) Yan, will resign upon the deal's closure. Brett Just, currently the Chief Accounting Officer, will be promoted to Chief Financial Officer. The reshaped board and management team will focus on maximizing the value of ContextLogic's approximately $2.7 billion in Net Operating Loss carryforwards. The company has urged shareholders to vote in favor of the transaction at the Special Meeting scheduled for April 12, 2024.