Renren (RENN) Reveals Changes To Board And Committees

By Annie Baker ● Jul 27, 2020
  • Renren Inc (NYSE: RENN) — which operates a leading premium used auto business in China along with several U.S.-based SaaS businesses — announced several changes to its board

Renren Inc (NYSE: RENN) — which operates a leading premium used auto business in China through its subsidiary Kaixin Auto Holdings (NASDAQ: KXIN) along with several U.S.-based SaaS businesses — announced the appointment of Lin Cong, a new independent director to its board of directors effective July 27, 2020.

Tianruo Pu has concurrently resigned from his positions as a director of the company and as a member of each of the three committees of the Board, effective July 27, 2020. Pu resigned for personal reasons and not due to any disagreement with the company on any matter relating to the operations, policies or practices.

And after the changes, the board will continue to consist of 5 members, 3 of whom are independent directors. The audit committee will consist of Lin Cong and Hui Huang, with Mr. Cong as the chairman. And the compensation committee will consist of Hui Huang and Lin Cong with Ms. Huang as the chairwoman. The corporate governance and nominating committee will consist of Lin Cong and Chuanfu Wang with Cong as the chairman.

Lin Cong has served as a vice president of 58.com Group since March 2017. And Cong currently also serves as a director of Kaixin, Uxin Limited (Nasdaq: UXIN), and Chaboshi.cn — which is a used car inspection company in China. Prior to joining 58.com, Cong was a co-founder of Youche.com (a used car chain dealer in China) where he served as the chief executive officer from February 2014 to 2017. Plus Cong also served as a management consultant with Boston Consulting Group from 2008 to 2009 and as an auditor with PriceWaterhouseCoopers in China from 2002 to 2005.

“On behalf of the Board of Directors, I would like to express my gratitude to Mr. Pu for his valuable contributions to Renren during his tenure on the Board,” said Renren’s Chairman and Chief Executive Officer Joseph Chen. “We are delighted to have Mr. Cong join our Board as an independent director. His rich experience in finance operation and industry expertise will bring significant value to Renren.”