ContextLogic announces post closing Board of Directors

ContextLogic (WISH) announced that it will reconstitute its Board of Directors and management team upon completion of its pending transaction under which it will sell substantially all of its operating assets and liabilities, principally comprising its Wish ecommerce platform to Qoo10 Pte. Ltd. “Qoo10”. The transaction is expected to be completed in the second quarter of 2024… Upon closing, the reconstituted Board will comprise five directors, four of whom will be independent and newly appointed. Rishi Bajaj, Founder, President and Chief Investment Officer at Altai Capital Management and current director at ContextLogic. Bajaj joined the ContextLogic Board in November 2023 and played an active strategic role in structuring the Asset Sale. He brings significant financial and operational expertise and has a proven record of developing and executing strategies at the Board level…Michael Farlekas, Chief Executive Officer of Onit, a workflow automation solutions company. Farlekas is an established senior level manager and technology expert with 20 years of executive leadership experience at enterprise software companies. He has a consistent track record of double-digit revenue growth and expanding margins in organic and acquisition-based businesses..Marshall Heinberg, Chairman of the Board at Custom Truck One Source (CTOS), a leading provider of specialty equipment to the electric utility, telecom, rail and other infrastructure-related end markets. Heinberg has been recognized throughout his career for his strategic focus and brings over 35 years of capital markets, business and financial experience in complex and regulated industries to the boardroom.