Nio Names Chinese Businesswoman Yu Long As Independent Board Director

Nio, Inc. NIO is beefing up its board with the appointment of Yu Long, a local business woman with a storied career.

What Happened: Nio announced Monday it is appointing Long as a new independent director to its board effective Monday, July 12. Long will also serve as the chairperson of the EV maker's nominating and corporate grievance committee.

Coinciding with Long's appointment, Nio's founder, chairman and CEO William Li will step down from the nominating and corporate governance committee.

Why It's Important: Long has a strong track record of investing in technology and internet companies and extraordinary insights in consumer products and global markets, Nio said in a statement.

"Ms. Long brings unique perspectives to the board as we continue to commit to technology development and holistic user experience," said Li.

Long currently serves as the founding and managing partner of BAI Capital and as a member of Bertelsmann Group Management Committee. She also holds the position of the governor of China Venture Capital and Private Equity Association Limited.

Long's appointment comes at a time when Nio is reportedly seeking to list its shares both in Hong Kong and China.

The company has also kickstarted its overseas expansion, having entered Norway already. It is also eyeing entry into other European markets.

An independent director is a non-executive director who serves as a bridge between the company management and shareholders, helping to improve corporate credibility and governance standards.

Related Link: Nio Shortlists Hefei And 2 More Cities For Hosting Nio Day 2021: What You Should Know

At last check, Nio shares were up 0.29% at $45.66. 

Photo: Nio's Hefei, China headquarters. Courtesy of Nio.