- Wish CEO Vijay Talwar has left the company and its board of directors effective immediately, according to a company press release on Thursday.
- Joe Yan, operating partner at venture capital firm GGV Capital, has been appointed interim CEO. Yan will retain his position at GGV Capital while also serving in the interim role.
- Talwar will be available to Yan and the board as needed “to ensure a smooth transition,” the company stated. Wish is currently leading an executive search to identify a permanent CEO.
Talwar is out as Wish’s CEO after only seven months.
The e-commerce company appointed him in the chief role on Feb 1, where he was tasked with spearheading Wish’s turnaround plan. Talwar came to Wish from Foot Locker, where he served as the retailer’s CEO of Europe, Middle East and Africa business.
"We are building a new Wish, and it is critical that our leadership team embodies the vision, culture and skills required for our next chapter of growth. We are as confident as ever in our plan to transform the business and accelerate our growth, and Joe is the right leader to keep the plan moving forward as we search for a permanent CEO,” a company spokesperson said in a statement to Retail Dive regarding the executive’s exit.
In its most recent quarter Wish reported an 80% drop in revenue year over year, and a net loss of $90 million.
In August the company launched a brand refresh that included a new logo and design, an updated app experience and faster delivery times. Wish also introduced a new mission statement, “Bargains Made Fun, Discovery Made Easy.”
“Our new brand is fresh and exciting, and better captures where we are today and where we want to be in the future. It signals the start of a new era and continues our dedication to putting our customers and our merchants first,” Talwar said in a statement at the time of the branding announcement.
Wish has been working to improve revenues and its customer experience. Prior to Talwar’s arrival, the company introduced its Wish Standards program in an effort to enhance customer trust and retention. The effort implemented a number of quality assurance standards with its shipping experience, product quality, customer reviews and refund rates. In mid-February, Wish introduced a shoppable video tool, dubbed Wish Clips, which allows consumers to view product details and purchase items showcased in 5 to 30-second videos.