Boston, MA 06/18/2014 (wallstreetpr) – Lightinthebox Holding Co Ltd-ADR (NYSE:LITB), a global online retail company that offers a variety of products through its websites, announced major changes in its management yesterday. The company’s President, Mark Stabingas, announced his decision to leave the company, and so has its Senior Vice President Quinten Shay.
Stabingas and Shay have announced their decision of quitting the company stating the reasons to be based on personal grounds. Shay said that he will be working with the company only until the end of the year.
Shifting Responsibilities
Lightinthebox Holding Co Ltd-ADR (NYSE:LITB) Chairman and Chief Executive Officer, Alan Guo, made an announcement that the company’s efficient management team, which has been responsible for the successful realization of the company’s various objectives, will assume and handle the roles and duties of both its President and Senior Vice President, after their respective departures. He thanked them both for their contributions to the company for the entire span of their tenure.
Revenue Outlook Reaffirmed
Lightinthebox Holding Co Ltd-ADR (NYSE:LITB)’s CFO, Robin Lu, reaffirmed the company’s second quarter revenue outlook to be in the range of 16% to 19% growth year over year. He also reaffirmed other general business guidance that was made in the company’s previous earnings call. He also said that the company expects to continue to benefit from a solid e-Commerce advancement strategy and the support of its strong management team.
Other Recent Changes
At the beginning of the month, Lightinthebox Holding Co Ltd-ADR (NYSE:LITB) had announced another major change in its management with the appointment of Xiaoping Xu as its independent director. The move sought to enhance the independence of the company’s board members. The appointment, which was effective from June 4, also empowered Xu to act as the audit committee’s member replacing Ye Yuan. His appointment marked the constituency of the company’s audit committee only with independent directors.
Concurrently with this appointment, the company had bid farewell to Xin Wen, the Executive Vice President. This was necessary to meet the maximum board members criterion of the company. However, the company sought to bring about changes in the clauses so as to invite Wen back in the Board.
The Lightinthebox Holding Co Ltd-ADR (NYSE:LITB)’s shares went down by 6.51% after the announcement of the resignation decision of two of its senior executives.
