Momo Announces Yan Tang as the Executive Chairman and Li Wang as the New CEO

BEIJING, Oct. 23, 2020 /PRNewswire/ -- Momo Inc.A (Nasdaq: MOMO) ("Momo" or the "Company"), a leading mobile social networking platform in China, today announced that its board of directors (the "Board") has approved Mr. Yan Tang to step down from the position of Chief Executive Officer, and promoted Mr. Li Wang to this position, effective on November 1, 2020. Mr. Wang is a director of the Company, currently serving as the President and Chief Operating Officer of Momo. Starting from November 1, 2020, Mr. Yan Tang will become the executive chairman of the board of directors of Momo, in which role he will continue to be integrally involved in setting the strategic priorities and directing new business initiatives for Momo."I can think of no one better to lead Momo than Li Wang. Li's experience as our President and Chief Operating Officer, combined with a career spanning nearly a decade with the Company, make Li the perfect choice as the new Chief Executive Officer. Li has the proven leadership track record and breadth of business experience we believe are critical to lead Momo, including the ability to execute our strategic vision, the commitment to our people and core values, and the focus on delivering return to shareholders. I am delighted to be handing over the reins to such an outstanding leader and look forward to working together with Li to set the course for Momo into an even brighter future," said Mr. Tang."I know that I speak for everyone at Momo in thanking Mr. Yan Tang for his leadership and tireless dedication to the company," said Mr. Li Wang. "We have an exceptionally talented team at Momo that is focused on taking decisive actions to transform the business, continuing to innovate our products in new and diverse ways, and unlocking future growth opportunities."Mr. Li Wang has been our Chief Operating Officer since June 2014 and our President since April 2018. Mr. Wang joined the Company as a core member of the founding team in 2011. About Momo Inc.
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