Fly-E Group appoints Lisa Fan as CFO and Leqi Dong as independent director

Fly-E Group, Inc. (NASDAQ:FLYE) announced several changes to its executive team and board of directors, effective September 17, according to a statement filed with the Securities and Exchange Commission. The leadership changes come as the company faces financial headwinds, with InvestingPro data showing revenue decline of 29% and negative EBITDA of $5.18 million in the last twelve months.

The company’s board appointed Lisa Fan as Chief Financial Officer and executive director, filling the vacancy created by the resignation of Shiwen Feng. Fan, age 44, previously served as a financial consultant at Baizan Consulting Firm from May 2022 to May 2025, focusing on financial structuring and IPO readiness for private enterprises. Prior to that, she was Director of Internal Audit at Souche Group from July 2019 to April 2022, where she managed financial system reconstruction and internal control compliance. Fan holds a bachelor’s degree from Zhejiang Institute of Finance and Economics and is certified by the Chinese Institute of Certified Public Accountants. Her annual compensation is set at $60,000 under her employment agreement and director offer letter.

Zhou Ou, the current Chief Executive Officer, Chairman, and Interim CFO, resigned from the interim CFO position in light of Fan’s appointment but will continue as CEO, chairman, and executive director.

The board also appointed Leqi Dong as an independent director, chair of the Nominating and Governance Committee, and member of both the Audit and Compensation Committees, replacing Zanfeng Zhang. Dong, age 36, has served as a real estate bridge loan originator and fund manager at Golden Harbor Capital LLC since September 2018. He holds a bachelor’s degree from Baruch College, Zicklin School of Business. Dong’s annual compensation is set at $26,400.

The company stated that neither Fan nor Dong has any family relationship with any director or executive officer of Fly-E Group and that neither has been involved in related-party transactions requiring disclosure.

These changes were disclosed in a press release statement filed with the SEC. Fly-E Group’s common stock is listed on the Nasdaq Stock Market under the symbol FLYE.

In other recent news, Fly-E Group announced a series of significant developments. The company has appointed CEO Zhou Ou as interim CFO following the resignation of Shiwen Feng, who stepped down without any disagreements over company practices. Additionally, Fly-E Group has opened its first retail store in Mexico City in partnership with TECHNOLOGIES E-SOLOMO, marking a strategic move to expand its presence in the Mexican market. This partnership involves E-Solomo providing access to its sales network and supply chain assistance, while Fly-E will share its proprietary technologies.

Moreover, Fly-E Group has regained compliance with Nasdaq’s minimum bid price requirement, having maintained a closing bid price of $1.00 or more for at least 10 consecutive business days. To further secure its Nasdaq listing, the company announced a one-for-five reverse stock split, effective in July 2025. This reverse split, approved by both stockholders and the board, will convert every five pre-split shares into one share of common stock. These developments highlight Fly-E Group’s strategic efforts to strengthen its financial position and market presence.

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