HONG KONG--(BUSINESS WIRE)--ICZoom Electronics Limited (“ICZoom”), a transparent, open-data eCommerce marketplace for electronic components, today announced that Douglas P. Menelly has been appointed Chief Financial Officer effective May 15, 2018. Mr. Menelly joined ICZOOM as Chief Marketing Officer in 2017, where he focused on aligning the company’s corporate narrative with its business model to create a global profile and drive sales, which now total over $100 million annually.
In his new role, Mr. Menelly will support the global expansion of the company with responsibility for finance, accounting, customs, compliance, marketing, communications, and media and investor relations. He will be based in New York.
“Douglas has been a tremendous asset to ICZoom and I am delighted to announce his appointment to Chief Financial Officer,” said Lei Xia, Chief Executive Officer of ICZoom. “Douglas’ wealth of experience working with Chinese corporations and more than 20 years in the global technology and financial services industries make him uniquely qualified to help drive ICZoom’s ambitious growth plans.”
“Lei’s vision of a transparent, open-data platform is poised to disrupt the legacy electronic components market,” said Mr. Menelly. “I am very proud to be part of such an innovative team and platform, and look forward to continuing to build our international presence.”
Prior to ICZoom, Mr. Menelly served in an executive role managing marketing and communications for Aspen Insurance Holdings and before that served in a similar capacity for the commercial insurance division of AIG. He previously served as Director of Investor Relations for SinoHub, a US-listed Chinese logistics company, where he worked closely with Lei Xia.
Mr. Menelly has a B.S. in Civil Engineering from the University of Buffalo, an M.S. in Operations from the Tandon School at New York University, and an Executive MBA from Columbia University’s Global-Asia program. He lived in China for 6 years and speaks Mandarin.
ICZoom is a transparent, open-data platform where market forces determine a fair price for electronic components. The platform is disrupting the $1 trillion1 legacy electronic components market by using a combination of real-time price matching and transactional data to seamlessly connect all market participants, allowing customers to pay up to 20% less2 for components. The ICZoom platform and website were launched in 2012. Learn more about ICZoom at http://en.iczoom.com/investor/about_us.html 1. IC Insights 2017, 2. Internal estimate
Cautionary Statement Regarding Forward-Looking Statements
Except for historical information contained herein, the matters set forth in this release contain forward-looking statements, which may include industry market projections forecasted revenue, gross margin, and R&D and SG&A expenses; and long-term outlook for gross margin and operating profit. You are urged to consider any such statements and any that include the words “may,” “will,” “should,” “could,” “believes,” “estimates,” “projects,” “potential,” “expects,” “plans,” “anticipates,” “continues,” “forecast,” “designed,” “goal” or the negative of any of those words or other comparable words to be uncertain and forward-looking. These forward-looking statements are based on our current expectations, estimates, and assumptions and are subject to certain risks and uncertainties that could cause actual results to differ material from our current expectations, estimates, and assumptions and the forward-looking statements made here. These risks and uncertainties include, but are not limited to, the risk factors listed in additional materials about the company’s business plan and specific areas including, but not limited to operations, sales and marketing, historical performance, financial projections, and corresponding assumptions regarding plan execution; related risk factors. The foregoing information concerning our business outlook represents our outlook as of the date of this release, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.