Vipshop Announces the Appointment of New Independent Director
GUANGZHOU, China, March 22, 2013
GUANGZHOU, China, March 22, 2013 /PRNewswire/ -- Vipshop Holdings Limited
(NYSE: VIPS), China's leading online discount retailer for brands ("Vipshop"
or the "Company"), today announced that the Company has enhanced the
independence of its Board of Directors (the "Board") through the appointment
of Mr. Chun Liu as a new independent director, effective March 22, 2013. Mr.
Liu replaces Mr. Xing Peng, a non-independent director, who voluntarily
tendered his resignation from his position as director of the Board on the
same day. Mr. Liu will also succeed Mr. Frank Lin, an existing director of the
Company, in his role as a member of the Audit Committee of the Board.
Mr. Chun Liu is currently the vice president and managing director of Sohu.com
Inc., and chief operating officer of Sohu Video. Prior to joining Sohu, Mr.
Liu worked with Phoenix TV from 2000 to 2011. His last position was Executive
Director and the head of Phoenix TV Beijing Program Center. Earlier in his
career, Mr. Liu worked in the Youth Division and News Commentary Department in
CCTV, China's state television broadcaster. As the executive producer of a
famous program "News Investigation", he produced dozens of award winning
documentaries. Mr. Chun Liu received an EMBA degree from Cheung Kong Graduate
School of Business in China and a Master's degree from the Communication
University of China.
"We are delighted to enhance and expand our Board with the appointment of Mr.
Liu. The appointment of Mr. Liu as independent director reflects our ongoing
commitment to strengthening our corporate governance practice," commented Mr.
Eric Ya Shen, Chairman and CEO of Vipshop. "We also wish to express our
sincere gratitude to Mr. Xing Peng for his service to Vipshop as our director
and wish him continued success in his future endeavors."
Concurrently with the appointment of Mr. Liu as a new director, the Board has
determined that the existing directors Messrs. Kathleen Chien, Frank Lin, Xing
Liu and Nanyan Zheng are independent directors of the Company as defined under
Section 303A of the NYSE Listed Company Manual related to corporate governance
standards.As a result of the appointment of Mr. Liu and resignation of Mr.
Peng, the company has a majority independent board and fully independent
audit, compensation and corporate governance and nominating committees.
About Vipshop Holdings Limited
Vipshop Holdings Limited ("Vipshop" or the "Company") is China's leading
online discount retailer for brands. Vipshop offers high quality and popular
branded products to consumers throughout China at a significant discount to
retail prices. Since it was founded in August 2008, the Company has rapidly
built a sizeable and growing base of customers and brand partners. For more
information, please visit www.vipshop.com.
SOURCE Vipshop Holdings Limited
Contact: Investor Relations Contact, Vipshop Holdings Limited, Millicent Tu,
+86 (20) 2233-0732, IR@Vipshop.com; ICR, Inc., Jeremy Peruski,+1 (646)
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