CPNG · Coupang, Inc.

Kevin M. Warsh’s resignation stems directly from his appointment to a high-profile U.S. government role that imposes strict conflict-of-interest prohibitions — a non-discretionary, ethics-driven departure rather than a governance or performance-related event. As a sitting board member since prior to February 2026, Warsh brought financial regulatory expertise and public policy credibility to Coupang’s oversight, particularly relevant given the company’s capital-intensive growth model and evolving regulatory engagement in fintech and payments. His exit reduces board size immediately and eliminates his candidacy for re-election, meaning shareholders will not vote on his continued service. While the filing confirms no disagreement underlies the departure, the absence of any disclosure regarding a successor or timeline for filling the vacancy introduces modest near-term uncertainty around board refreshment strategy and continuity of specialized oversight. Given Warsh’s singular profile and the definitive, non-reversible nature of the trigger (federal appointment), this constitutes a material governance event — though not indicative of operational distress or internal discord — warranting investor attention ahead of the annual meeting and future board nominations.