Momo has announced that Yan Tang will be stepping down from his position as Chief Executive Officer from the beginning of November.
Current President and Chief Operating Officer Li Wang is due to step into the role, while his predecessor will remain with the social networking company as the executive chairman of the Board of Directors.
Li Wang was a core member of Momo’s founding team when it was first formed in July 2011.
Speaking in an official statement, Yan Tang expressed: “Li’s experience as our President and Chief Operating Officer, combined with a career spanning nearly a decade with the Company, makes Li the perfect choice as the new Chief Executive Officer.
Li has the proven leadership track record and breadth of business experience we believe are critical to lead Momo, including the ability to execute our strategic vision, the commitment to our people and core values, and the focus on delivering return to shareholders.”
Li Wang added that he is focused on taking decisive actions to transform the business and help it continue to grow in news ways. He also thanked Yan Tang for his years of leadership and “tireless dedication”.
The change in guidance comes at a decisive time for Momo, after disappointing second quarter financial results caused the company’s stock to reach a new four-year low. The price has rallied in the past month, growing by 10%, but Momo still has a way to go if it is to reach the peaks of June 2018.
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