LONDON/HONG KONG ¨C Shein Executive Chairman Donald Tang will step down as his mission of taking the company public nears completion, three sources with direct knowledge of the matter said on Monday, after three years as the public face of the global fast-fashion retailer.
A Chinese American ?billionaire who began his career in banking, Tang has acted as the Western representative of secretive Shein founder and CEO Sky ?Xu, liaising ?with politicians, regulators?and investors around the world and representing the e-commerce group at conferences and other public ?events. Xu will take on the role of chairman, according to one of the sources, and will lead the investor roadshow ahead of Shein¡¯s listing in Hong Kong.
The company¡¯s hearing with the Hong Kong stock exchange is set to take place on Thursday. Tang, 63, will ?continue to work closely with the management team, as a senior adviser, for the foreseeable future, said another source with knowledge of the company¡¯s thinking, ?adding that there is no fixed timetable for the transition. In Shein¡¯s filing, which should be made public in the coming weeks, Tang will not be mentioned among the company¡¯s leadership, according to one of the sources. They all declined to ?be identified as the information is not public. Shein ?declined to comment and did not respond to questions about the chairman transition.
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