Cell procuring firm Wish’s inventory gains as Foot Locker exec is named CEO

Wish mother or father organization Contextlogic Inc. introduced Monday that it found its new chief govt at Foot Locker Inc., and shares obtained in late buying and selling.

Vijay Talwar, most recently the CEO for Foot Locker’s
FL,
-.51%
efforts in Europe and other areas of the entire world, will just take above the CEO position at Would like as of Feb. 1, Contextlogic
Wish,
+7.92%
uncovered. The corporation said in November that founder Piotr Szulczewski would action down as soon as a alternative was discovered, or Feb. 1, whichever arrived initially.

Want has struggled given that heading community late in 2020. Shares were being caught up in meme-inventory madness early in 2021, but plunged as the e-commerce business described disappointing financial functionality by means of the yr. In the third quarter, Want revenue fell to $368 million from far more than $600 million in the exact quarter the year just before, and executives projected that getaway-quarter product sales would be even lower whilst saying that Szulczewski would step down.

“Vijay is a powerful chief with a monitor document of top advanced multinational companies by means of important intervals of alter,” Szulczewski said in a statement. “His retail and e-commerce experience, which spans the two publicly and privately held corporations, will be a must have to Would like as the firm proceeds to refocus its attempts and execute on its ambitious turnaround plan.”

Talwar has been at Foot Locker due to the fact 2016, in accordance to his LinkedIn profile, and in his existing placement as CEO of EMEA considering that January 2019. He previously labored at jewellery maker Blue Nile Inc. and Nike Inc.
NKE,
+.10%,
ContextLogic claimed in its launch.

“Wish has all the components to be a genuine chief in the e-commerce place — a great solution, an participating and amusement-driven social platform, a solid user base, and a planet-class workforce that is really determined to provide on the turnaround prepare,” Talwar mentioned in a assertion. “I am keen to apply my very own working experience within the retail and e-commerce space to even further refine our concentrate and put the business back onto a path of advancement.”

Would like inventory rose much more than 7% in after-hours buying and selling adhering to the announcement. Shares have struggled since the meme-inventory boom in early 2021, closing Monday at $2.65 following providing for $24 in the original community providing. The inventory has declined additional than 91% in the previous 12 months, as the S&P 500 index
SPX,
+.69%
gained 19.3%.