E-commerce platform ContextLogic, Inc. (NASDAQ: WISH) has appointed Vijay Talwar as CEO and Board Member, effective February 1. Talwar succeeds Piotr Szulczewski, who also founded the company. Szulczewski will continue to serve on the company’s Board.
Talwar joins ContextLogic from New York-based shoe company Foot Locker (NYSE: FL), where he was the CEO of Europe, Middle East & Africa (EMEA).
As ContextLogic’s CEO, Talwar will lead the strategic execution of the company’s turnaround plan as well as drive the longer-term growth plans.
Commenting on the appointment, Szulczewski said, “His (Talwar) retail and E-commerce experience, which spans both publicly and privately-held companies, will be invaluable to WISH as the company continues to refocus its efforts and execute on its ambitious turnaround plan.”
Accepting the appointment, Talwar said, “WISH has all the ingredients to be a true leader in the E-commerce space – a great product, an engaging and entertainment-driven social platform, a strong user base, and a world-class team that is highly motivated to deliver on the turnaround plan. I am eager to apply my own experience within the retail and E-commerce space to further refine our focus and put the business back onto a path of growth.”
Headquartered in California, ContextLogic’s platform personalizes the shopping experience for each customer. Sellers can list their products like clothing, accessories, games and equipment, cosmetics, plastic products and mobile covers, among others, to sell directly to consumers.
Following the announcement, WISH stock gained more than 6% in after-hours trading on Monday to end the day at $2.81.
WISH earnings report for the fourth quarter of 2021 is scheduled to be released on March 7, 2022.
Wall Street’s Take
Last month, Stifel Nicolaus analyst Scott Devitt maintained a Hold rating on ContextLogic and lowered the price target to $3 from $5 (13.2% upside potential).
Overall, the stock has a Hold consensus rating based on 4 Holds and 1 Sell. The average WISH price target of $4.70 implies 77.4% upside potential. Shares have lost 86.2% over the past year.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (NYSE: SEMR), the world’s biggest website usage monitoring service, offers insight into ContextLogic’s performance.
According to the tool, compared to the previous year, ContextLogic’s website traffic registered a 65.7% decline in global visits in December. Moreover, the website traffic has decreased 16.6% year-to-date against the same period last year.
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