Context Logic Wish did an IPO on December 16, 2020, during a global pandemic that was skyrocketing. E-commerce giant Amazon and other large e-commerce stores were definitely taking advantage during a physical store lockdown and millions of users shifting to the online shopping experience. Wish was also taking advantage of this online shopping movement but it was not as expected as Amazon or other larger e-commerce platforms. There are still countries affected by the new variant and it could still hurt WISH business in the short term.
WISH NEW CFO: WISH announced the appointment of Vivian Liu as Chief Financial Officer, effective November 10, 2021. This is the latest in a series of C-suite appointments at Wish this year. In this role, Ms. Liu will oversee Wish’s global financial operations, including financial planning and analysis, controllership, tax, treasury, audit, reporting, and investor relations. She will also lead Wish’s merchant acquisition team as Wish continues to diversify and strengthen its merchant base. “Vivian is a seasoned CFO with extensive experience in scaling and transforming both privately and publicly held companies,” said Wish Founder and CEO, Piotr Szulczewski. “Vivian will bring a valuable perspective as we execute on our strategy and provide additional insight on our investments in technology and innovation to fuel further growth. We are delighted to welcome another high-caliber executive to our leadership team.”
WISH NEW CEO:
(NASDAQ: WISH), one of the world’s largest mobile e-commerce platforms, today announced that Piotr Szulczewski will be stepping down as Chief Executive Officer. He will remain on the Company’s board of directors.
To ensure an orderly transition, Mr. Szulczewski will remain CEO until either a successor is appointed by the Company’s board of directors, or no later than February 1, 2022. The Company has engaged an executive search firm to assist in recruiting a new CEO.
“As Wish’s Founder and CEO for more than 10 years, Piotr has played an instrumental role in creating a global, publicly-traded, billion-dollar eCommerce marketplace that millions of shoppers use every day. He has laid the groundwork for Wish to continue to grow and thrive and will leave the business in the capable hands of our new, highly talented and invigorated leadership team,” said Tanzeen Syed, Lead Independent Director, Wish. “On behalf of the Board of Directors and the entire team at Wish, I want to express my sincerest gratitude to Piotr for his contributions to the company. We look forward to him continuing to guide Wish as a member of our board of directors as we enter our next stage of growth.”
WISH CHART SINCE IPO:
Most likely WISH will recover to its valuation price if management continues to execute its growth plans. With a new CFO on board and focusing on bringing new products, user growths, and beating analyst expectations, WISH can be similar to SNAP stock two years ago or even ESTY stock and Revolve Group. Every investor should acknowledge the risk in these types of growth stocks and invest wisely with full due diligence. The expectation is now with the new CEO onboarding and how context logic will recover its business to an all-time high.
There are numerous billion dollars business founders who stepped down as CEO after they create a platform and give to the next talent leaders such as Microsoft’s Bill Gates to Satya Nadella, Google’s Larry Page & Sergey Brin to now current CEO Sundar Pichai and so on.
In the year 1998 to 2001, Amazon stock went from $10 to $100 and came back to $10 in the year 2002. Amazon was only a year old when its stock skyrocketed to $100 and crashed to $10. After 20 years now, Amazon is worth more than 1.865 Trillion Dollars company. These scenarios provide an example of long-term investments and leadership change.
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