PHOENIX, Oct. 11,
2022 /PRNewswire/ -- Renren Inc. (NYSE: RENN)
("Renren" or the "Company"), a SaaS company serving multiple global
industries, today announced the appointment of two new independent
directors to its board of directors (the "Board"), Mr. James M. Dumler and Mr. James D. Reed, effective October 11, 2022. Ms. Hui
Huang and Mr. Chuanfu Wang
have concurrently resigned from their positions as a director of
the Company and as members of the three committees of the Board.
Ms. Huang and Mr. Wang resigned for personal reasons, and their
resignation is not related to any disagreement with the Company on
any matter relating to the Company's operations, policies, or
practices.
After the changes, the Board will continue to consist of five
members, three of whom are independent directors. The audit
committee will consist of Mr. Lin Cong and Mr. James
D. Reed, with Mr. Reed as the chairman; the compensation
committee will consist of Mr. Lin Cong and Mr. James M. Dumler, with Mr. Cong as the
chairman; and the corporate governance and nominating committee
will consist of Mr. Lin Cong, Mr. James M. Dumler, and
Mr. James D. Reed, with Mr. Dumler as the
chairman.
Mr. Dumler has more than twenty years of experience in top
management and board director roles with various enterprises and
industries, including Koch Industries, CenterPoint Energy, Republic
Financial (private equity), Purina
Mills, and FJ Management. Mr. Dumler holds an MBA from
Duke University.
Mr. Reed served as CEO and director of USA Truck Inc (NASDAQ: USAK) from 2016 through
September 2022 and brings with him
more than two decades of multi-faceted experience in trucking,
logistics, finance, and business development. He previously served
as chief financial officer of Interstate Distributor Company, as
well as president of its subsidiary, Interstate Distributor
Logistics. Mr. Reed's extensive experience includes more than 15
years of leading finance in public companies.
"On behalf of the Board of Directors, I would like to express my
gratitude to Ms. Huang and Mr. Wang for their valuable
contributions to Renren during their tenure on the
Board," said Renren's Chairman and Chief Executive
Officer, Mr. Joseph Chen. "We are delighted to have Mr.
Dumler and Mr. Reed join our Board as independent directors.
Their extensive executive experience, financial management savvy,
and industry expertise will bring significant value to Renren
and its shareholders."
About Renren Inc.
Renren Inc. (NYSE: RENN) operates several U.S.-based SaaS
businesses including Chime, an all-in-one CRM and sales
acceleration platform designed to help real estate professionals
close more deals faster, and Trucker Path, a suite of applications
and dispatch services commercial truck drivers use to plan trips,
navigate, and operate their business. Renren's ADSs, each currently
representing 45 Class A ordinary shares of the Company, are traded
on NYSE under the symbol "RENN".
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of
the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar
statements. Renren may also make written or oral
forward-looking statements in its filings with the U.S.
Securities and Exchange Commission (the "SEC"),
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements
about Renren's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties, which could cause actual results
to differ from the forward-looking statements. The Company
cautions investors that the forward-looking statements included in
this press release are not a guarantee of future events, and that
actual events may differ materially from those made in or suggested
by the forward-looking statements. Although the Company believes
that the expectations reflected in these forward-looking statements
are reasonable, they do involve assumptions, risks and
uncertainties, and these expectations may prove to be incorrect.
Investors should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press
release. Further information regarding these and other risks
is included in our annual report on Form 20-F and other documents
filed with the SEC. All information provided in this press
release is as of the date of this press release,
and Renren does not undertake any obligation to update
any forward-looking statement, except as required under applicable
law.
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SOURCE Renren Inc.