Carrie Liu
About Carrie Liqun Liu
Independent director at Travelzoo since May 2017; age 43 (as of April 9, 2025). Background spans private equity and fund management across China and global markets; education includes a bachelor’s in finance and a master’s in law from Tsinghua University (Beijing). Core credentials: Asian markets, investments, finance, and global strategy .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Beijing Science & Technology Innovation Fund | Vice General Manager | 2019–2023 | Senior leadership within state/municipal innovation investing |
| Tianhong (fund mgmt, China) | General Manager, Private Equity Business | 2017–2018 | Led PE initiatives at a prominent asset manager |
| Fosun China Momentum Fund | Executive Director | 2011–2017 | Growth/strategic investments; Asia/global exposure |
| Henderson Equity Partners | Senior Investment Professional | 2009–2011 | Buyout/growth investing experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Zing Capital | Managing Partner & Chief Executive Officer | 2023–present | Investment fund in China |
| Tom Tailor Holding AG | Director; Audit Committee member | 2015–2016 | Audit oversight experience (Germany) |
| Cirque du Soleil | Director | 2015–2016 | Entertainment sector board experience |
Board Governance
| Item | FY 2023 | FY 2024 |
|---|---|---|
| Independence status | Independent (NASDAQ) | Independent (NASDAQ) |
| Board service | Director | Director |
| Committee assignments | Audit Committee member | Audit Committee member |
| Committee chairs | N/A (Karg = Audit Chair; Cherevko = Comp & Nominating Chair) | N/A (Karg = Audit Chair; Cherevko = Comp & Nominating Chair) |
| Board meeting attendance | ≥75% of Board/committee meetings | ≥75% of Board/committee meetings |
| Meeting counts (Board/Audit/Comp/NomGov) | 4 / 4 / 1 / 1 | 4 / 7 / 8 / 2 |
| Years of service on TZOO Board | 6 years at Apr-2023 | 8 years at Apr-2025 |
Fixed Compensation
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Annual Board retainer (all directors) | $53,000 | $55,120 |
| Audit Committee chair retainer | $31,800 (not applicable to Liu) | $33,072 (not applicable to Liu) |
| Per meeting fees – Board | $2,968 | $3,087 |
| Per meeting fees – Audit | $2,968 | $3,087 |
| Per meeting fees – Compensation | $1,781 | $1,852 |
| Special Committee fees (up to 5 mtgs / 10 mtgs) | $5,300 / $8,480 | $5,512 / $8,820 |
| Liu – cash fees earned | $78,458 | $88,069 |
Performance Compensation
| Element | FY 2023 | FY 2024 |
|---|---|---|
| Stock awards (RSUs/PSUs) – grant date FV | — (none) | — (none) |
| Option awards – grant date FV | — (none) | — (none) |
| Performance metrics tied to director pay | Not disclosed/applicable for directors | |
| Meeting-based fees (variable with attendance) | As per fee schedule; not performance metric-based |
Other Directorships & Interlocks
| Company | Sector | Committee roles | Potential interlock/conflict |
|---|---|---|---|
| Tom Tailor Holding AG | Apparel/retail | Audit Committee | None disclosed with Travelzoo counterparties |
| Cirque du Soleil | Entertainment | — | None disclosed with Travelzoo counterparties |
- Board independence notes: Liu is independent; disclosed potential commercial links exist only for WPP Group entities related to Michael Karg (monitored, immaterial), not Liu .
Expertise & Qualifications
- Asian markets and finance; investment fund leadership; global strategy experience .
- Audit committee experience (Tom Tailor Holding AG) .
- Education: bachelor’s in finance; master’s in law (Tsinghua University, Beijing) .
Equity Ownership
| Holder | Shares beneficially owned | % of outstanding | As-of date |
|---|---|---|---|
| Carrie Liqun Liu | — (none reported) | — | March 19, 2024 |
| Carrie Liqun Liu | — (none reported) | — | April 9, 2025 |
- Note: No director stock ownership guidelines disclosed; no pledging/hedging disclosures related to Liu in proxies .
Insider Trades
| Date range | Person | Findings |
|---|---|---|
| 2023-01-01 to 2025-11-20 | Carrie Liu | No Form 4 insider transactions found via insider-trades skill (post-transaction ownership thus unchanged). |
Governance Assessment
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Strengths:
- Independent director with deep investment and Asia market expertise; serves on the Audit Committee, supporting oversight of financial reporting and controls .
- Attendance threshold met (≥75% of Board/committee meetings across FY2023–FY2024), indicating engagement .
- No related-party transactions or conflicts disclosed for Liu; company formalized a related party transactions policy and assigns oversight to the Audit Committee, reducing conflict risk .
-
Alignment and potential concerns:
- Skin-in-the-game appears limited: no reported beneficial ownership in 2024 or 2025; no recurring director equity grants (RSUs/options) noted for Liu; compensation primarily cash retainers/meeting fees. This may weaken shareholder alignment vs. equity-heavy structures common in peers .
- Board influence risk: a controlling shareholder (Azzurro Capital, beneficial owner Ralph Bartel) holds ~38.2% (2025) of outstanding shares, which can shape board outcomes even with independent directors; no direct linkage to Liu, but relevant to overall governance context .
- No explicit disclosure of director stock ownership guidelines or compliance status, limiting visibility into alignment policies .
-
Red flags:
- Very low director equity ownership (none reported) can be interpreted as weak economic alignment relative to investors .
- Continued high concentration of ownership by a single shareholder could reduce minority shareholder influence on governance matters, though not a director-specific conflict .
-
Net view: Liu’s independence, audit committee role, and fund/investment expertise support board effectiveness in oversight. However, lack of equity ownership and cash-heavy director pay structure provide limited alignment signals; investors may prefer movement toward equity-based director compensation or ownership guidelines to strengthen long-term alignment.
Additional context: No legal proceedings reported for directors/officers in the last ten years; familial relationship disclosures limited to Holger and Ralph Bartel (brothers), not involving Liu . Directors may receive option grants ad hoc, but Liu received none in FY2023–FY2024 .