By Mary de Wet
ContextLogic named a new chief executive on Tuesday and said it would reconstitute its board of directors after it sells its Wish ecommerce platform later this quarter.
Rishi Bajaj, founder and chief investment officer at Altai Capital Management, will be the new CEO. He is a current director at ContextLogic. Bajaj joined the board in November and played an active role in structuring the asset sale, ContextLogic said.
Chief accounting officer Brett Just will be promoted to finance chief, the company said.
Six directors will step down from the board upon completion of the divestiture deal with Qoo10. The new board will comprise five directors, four of whom will be independent and newly appointed, the company said.
ContextLogic said in February it had agreed to sell substantially all of its operating assets for $173 million to Qoo10, a Southeast Asian e-commerce company.
ContextLogic shares have climbed about 23% since the deal was announced.
Write to Mary de Wet at mary.dewet@dowjones.com
(END) Dow Jones Newswires
April 02, 2024 16:38 ET (20:38 GMT)
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