Tuya Announces CFO Departure and Board Changes
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Tuya CFO steps down
China-based cloud service provider Tuya (NYSE:TUYA) said on Monday its Chief Financial Officer, Yao Jessie Liu has resigned from her position, effective 16th September. Yi Alex Yang, a director, co-founder of the company, will take on the additional role of CFO. Tuya shares were up 5.03% in Monday after-hours trading. More on Tuya Harnessing AI And Smart Lighting: Tuya's Path To Market Growth Seeking Alpha's Quant Rating on Tuya Historical earnings data for Tuya Financial information for Tuya
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Tuya Announces Changes to Board and Senior Management By Investing.com
, /PRNewswire/ -- Tuya Inc. ("Tuya" or the "Company") (NYSE: TUYA; HKEX: 2391), a global leading cloud platform service provider, today announced that Ms. has tendered her resignation as a director, the Chief Financial Officer and senior vice president of Tuya, effective . has made this decision to devote more time to her personal endeavors. The Company is grateful for the invaluable contributions she made during her more than 5-year tenure. "On behalf of Tuya, I want to express our deep appreciation to Jessie for her invaluable contributions to Tuya. Since joining in 2019, Jessie has been instrumental in our success, particularly in leading our public listings on the New York Stock Exchange in 2021 and the Hong Kong Stock Exchange in 2022," said Mr. Xueji (Jerry) , Tuya's founder, director, and Chief Executive Officer. "Her capital market and financial expertise have been crucial in shaping Tuya's strategic direction and strengthening our position in the global IoT industry. Additionally, Jessie's efforts in driving operational optimization and efficiency management have significantly contributed to enhancing our business and financial profitability, even amidst challenging headwinds. We are immensely grateful for her service and wish her the very best in her future endeavors." Reflecting on her time at Tuya, stated, "It has been a tremendous honor to be part of Tuya's journey. I am proud of what we have achieved, especially our commitment to building a global IoT developer ecosystem. I am grateful to Jerry, the Board, and my colleagues for their trust and support throughout the years. As I prepare to devote more time to my personal endeavors, I remain confident in Tuya's bright future as a leading global cloud platform service provider." Following departure, Mr. , a director, co-founder of the Company, will take on the additional role of Chief Financial Officer. , who will assume the role of Chief Financial Officer, brings extensive experience in operational leadership, including expertise relating to both business and financial management. As a director and co-founder, has played a pivotal role in Tuya's growth since its startup, funding and strategic direction. His deep understanding of our business and related financial operations, combined with his track record in driving efficiency and profitability, positions him well to continue building on the strong foundation laid by . The Company remains fully committed to our long-term strategic vision of being a global leader in the smart solution industry. The transition in leadership will not alter our focus on delivering value to our shareholders, enhancing our developer ecosystem, and maintaining our position as a leading cloud platform service provider. The Board and management team are unified in driving Tuya's growth and ensuring continuity in our financial and operational strategies. About Tuya Inc. Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading cloud platform service provider with a mission to build a smart solutions developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built cloud developer platform with cloud and generative AI capabilities that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, Software-as-a-Service, or SaaS, and smart solutions for developers of smart device, commercial applications, and industries. Through its cloud developer platform, Tuya has activated a vibrant global developer community of brands, OEMs, AI agents, system integrators and independent software vendors to collectively strive for smart solutions ecosystem embodying the principles of green and low-carbon, security, high efficiency, agility, and openness.
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Tuya Inc., a global IoT development platform service provider, announces the resignation of its CFO and changes to its board of directors, signaling a significant leadership transition.
CFO Resignation and Transition
Tuya Inc., a leading global Internet of Things (IoT) development platform service provider, has announced significant changes to its senior management and board of directors. The company's Chief Financial Officer (CFO), Yao (Jessie) Liu, has tendered her resignation, effective June 30, 2023
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. Liu's departure marks the end of her tenure at Tuya, where she played a crucial role in the company's financial operations.To ensure a smooth transition, Tuya has appointed Tie Li, the company's Financial Director, as the interim CFO
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. Li will assume this role starting July 1, 2023, while the company conducts a search for a permanent replacement.Board of Directors Changes
In addition to the CFO transition, Tuya has announced changes to its board of directors. Liaohan (Charlie) Chen has resigned from his position as a director on the board, effective June 23, 2023
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. Chen's departure creates a vacancy that the company will need to address in the coming months.To fill this vacancy and strengthen its leadership, Tuya has appointed Tie Li to serve as a director on the board
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. This appointment is effective immediately, allowing Li to contribute to the company's strategic decisions alongside his interim CFO responsibilities.Company Background and Market Impact
Tuya Inc. is a global technology company that provides a cloud platform for smart devices. The company's platform enables businesses and developers to quickly and cost-effectively develop, launch, manage, and monetize smart devices and services
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. Tuya's solutions are crucial in the rapidly expanding IoT market, serving various industries and applications.The announcement of these leadership changes comes at a time when the IoT industry is experiencing significant growth and transformation. As a key player in this sector, Tuya's management transitions are likely to be closely watched by investors and industry analysts.
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Looking Ahead
While the company has not provided specific reasons for the departures of Yao Liu and Liaohan Chen, such changes in senior management and board composition are not uncommon in fast-growing technology companies. The appointments of Tie Li to both the interim CFO position and the board of directors suggest that Tuya is focusing on maintaining continuity in its financial operations and strategic direction
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.As Tuya navigates these leadership changes, the company will likely face both challenges and opportunities. The search for a permanent CFO and the potential for further board adjustments may shape Tuya's future trajectory in the competitive IoT market. Stakeholders will be keen to see how these changes impact the company's financial performance and strategic initiatives in the coming quarters.
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