VICTORIA, British Columbia--(BUSINESS WIRE)--WeCommerce Holdings Ltd. (“WeCommerce” or the “Company”) (TSXV: WE), a leading provider of ecommerce enablement software and tools for merchants, is pleased to announce the promotion of Alex Persson to Chief Executive Officer and the appointment of Chris Sparling as Chairman of the Board, effective immediately. Andrew Wilkinson, previously WeCommerce’s Chairman of the Board, will continue to serve as a director of the Company.
“It is my great pleasure to announce Alex as CEO of WeCommerce”, said WeCommerce Chairman Chris Sparling. “Since Alex joined us last year, he has overseen our M&A efforts and worked extensively with our growing portfolio of companies. He led our CFO search, built a world-class team at WeCommerce and positioned the Company for growth in 2022 and beyond. I look forward to continuing to work closely with Alex as Chairman to build WeCommerce into the premier provider of ecommerce software and tools and furthering our vision as the capital provider of choice for ecommerce technology entrepreneurs everywhere.”
Andrew Wilkinson said, “Chris and I have been incredibly impressed with Alex since he joined us last year and it quickly became obvious that he was ready to step up to the plate and take on the CEO role. Alex has been instrumental in our growth so far and we’re excited to see where he takes the business in the coming years.”
“I am truly honored to lead our extraordinary company as WeCommerce’s Chief Executive Officer,” said Alex Persson. “I look forward to continuing to work closely with our talented colleagues, Chris and Andrew, the Board and our shareholders to realize the shared vision to capitalize on the significant growth opportunity ahead for ecommerce.”
Mr. Persson joined WeCommerce in 2020, overseeing acquisitions and managing the Company’s portfolio of leading ecommerce technology companies. He has spent the bulk of his career working with Jefferies Financial Group's senior management in various investing and operating roles. Mr. Persson has a B.S. from the University of Virginia and an M.B.A. from the Stanford Graduate School of Business.
Additionally, pursuant to the Company’s Omnibus Incentive Plan, the Company has granted 190,000 performance share units (“PSUs”) to Mr. Persson in connection with his appointment as Chief Executive Officer of the Company, and 8,423 restricted share units (“RSUs”). Each RSU and each PSU, as applicable, represents the right to receive one Class A common share of the Company, or a cash payment equal in value to the market price of a share on the settlement date of the RSU or PSU, as applicable, all in accordance with the Omnibus Incentive Plan. The RSUs will vest on the date that is three months from the date of grant, provided that the Chief Executive Officer remains in continuous service at the time of vesting. The PSUs will vest in four annual installments over the performance period starting on December 2, 2024 and ending on December 2, 2027 (subject to extension of the performance period by the Board), provided, however, that certain performance goals related to the Company’s stock price are met and that the Chief Executive Officer remains in continuous service at the time of vesting.
As well, the Company has modified the vesting schedule of the Chief Executive Officer’s existing stock options to provide that, commencing on March 10, 2022, the balance of the unvested stock options will vest in equal installments on a quarterly basis over four years.
About WeCommerce Holdings Ltd.
WeCommerce provides merchants with a suite of ecommerce software tools to start and grow their online store. Our family of companies and brands include Pixel Union, Out of the Sandbox, Archetype, Yopify, SuppleApps, Rehash, Foursixty and Stamped. As one of Shopify’s first partners since 2010, WeCommerce is focused on building, acquiring and investing in leading technology businesses operating in the Shopify partner ecosystem.
This news release contains certain forward-looking statements and forward-looking information within the meaning of applicable securities law. Such forward-looking statements and information include, but are not limited to, statements or information with respect to: management’s expectations regarding the future of the ecommerce industry (including the prospects for growth of such industry), and management’s expectations regarding the Company’s future role within the ecommerce industry. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. The Company undertakes no obligation to update forward-looking statements and information if circumstances or management’s estimates should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements and information. More detailed information about potential factors that could affect results is included in the documents that may be filed from time to time with the Canadian securities regulatory authorities by the Company. For a more detailed discussion of certain of these risk factors, see the Company's most recent MD&A described in the “Risk Factors” as well as the list of risk factors in the Company’s Annual Information Form for the year ended December 31, 2020 which is available on SEDAR at www.sedar.com under the Company’s profile.
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