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Wish parent company Contextlogic Inc. announced Monday that it found its new chief executive at Foot Locker Inc., and shares gained in late trading.
Vijay Talwar, most recently the CEO for Foot Locker’s FL, +0.56% efforts in Europe and other parts of the world, will take over the CEO role at Wish as of Feb. 1, Contextlogic WISH, +14.72% revealed. The company said in November that founder Piotr Szulczewski would step down as soon as a replacement was found, or Feb. 1, whichever came first.
Wish has struggled since going public late in 2020. Shares were caught up in meme-stock madness early in 2021, but plunged as the e-commerce company reported disappointing financial performance through the year. In the third quarter, Wish revenue fell to $368 million from more than $600 million in the same quarter the year before, and executives projected that holiday-quarter sales would be even lower while announcing that Szulczewski would step down.
“Vijay is a strong leader with a track record of leading complex multinational businesses through significant periods of change,” Szulczewski said in a statement. “His 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.”
Talwar has been at Foot Locker since 2016, according to his LinkedIn profile, and in his current position as CEO of EMEA since January of 2019. He previously worked at jewelry maker Blue Nile Inc. and Nike Inc. NKE, +1.48%, ContextLogic said in its release.
“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,” Talwar said in a statement. “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.”
Wish stock rose more than 7% in after-hours trading following the announcement. Shares have struggled since the meme-stock boom in early 2021, closing Monday at $2.65 after selling for $24 in the initial public offering. The stock has declined more than 91% in the past year, as the S&P 500 index SPX, +1.89% gained 19.3%.
Source: This post first appeared on http://marketwatch.com/