Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 1, 2020, Steve Merrick resigned as a director and Secretary of the Company. In addition, John Schwan resigned as a director and Chairman of the Board of the Company. The Board subsequently appointed Frank Cesario, the Company’s President, Chief Executive Officer and Chief Financial Officer as its new Secretary and Yubao Li, a Company director, as its new Chairman.
Since November 20, 2017, Mr. Cesario has served as the Company’s Chief Financial Officer. Mr. Cesario was appointed as a director of the Company on December 31, 2019 and was appointed as the Company’s President and Chief Executive Officer on January 2, 2020. Prior to joining the Company, Mr. Cesario served in similar roles with Nanophase Technologies Corporation and ISCO International, Inc., publicly traded global suppliers of advanced materials and telecommunications equipment, respectively, as well as Turf Ventures LLC, a privately held chemicals distributor. He began his career with KPMG Peat Marwick and then served in progressively responsible finance positions within Material Sciences Corporation and Outokumpu Copper, Inc. Mr. Cesario holds an MBA (Finance) from DePaul University and a B.S. (Accountancy) from the University of Illinois, and is a registered CPA in the State of Illinois.
There are no family relationships between Mr. Cesario and any director or executive officer of the Company.
Mr. Li has served as a Director of the Company since January 13, 2020 and was elected as Chairman of the Board on June 1, 2020. Mr. Li has been serving as the chairman of Yunhong International since its inception in January 2019 and served as its chief executive officer from January 2019 to September 2019. Mr. Li has been serving as the president of Hubei Academy of Science and Technology since July 2018, one of the key multi-disciplinary universities in Hubei Province, China. Since June 2018, Mr. Li has been serving as the director of Photoproteins Research Centre at China’s Academy of Management Science, a research institute situated in Beijing, China where he supports innovation by defining the research focus of the institute. Mr. Li has also been serving as director and/or officer of several other entities, including as the executive director and general manager of Hubei Teruiga Energy Co., Ltd, a new energy technology company, since November 2017, the executive director of Hubei Yuntong Energy Co., Ltd., a solar power and agriculture company, since April 2016, the executive director and general manager of Hubei Yun Hong photovoltaic Co., Ltd., a solar power and agriculture company, since May 2016, the president of Hubei Yunhong Deren Tourism Co., Ltd., a tourism project developer, since May 2016 and the president of Yunhong Group Holdings Co., Ltd., a company engaged in the business of solar power construction and solar photovoltaic power generation, since 2013. In addition, in 2013, Mr. Li founded China Hubei Yunhong Energy Group Co., Ltd., a Chinese nutrition company operating in China and abroad, and he currently serves as the chairman of its board of directors. Mr. Li received his EMBA in Investment, Financing and Capital Strategy from Peking University.
There are no family relationships between Mr. Li and any director or executive officer of the Company.
On June 1, 2020, to fill the Board vacancies caused by Mr. Merrick and Mr. Schwan’s resignations, the Board appointed Wan Zhang and Yaping Zhang as directors of the Company.
Ms. Wan Zhang is currently a senior manager at Taikang Bybo Dental Group, where she is responsible for the group’s strategic planning and operations supervision. Prior to that, Ms. Zhang served as a senior manager at PKU Healthcare Group in Beijing, China. From 2014 to 2018, Ms. Zhang was a manager of the strategic investment department and board secretary at Capital Healthcare Group, a healthcare investment holding conglomerate in Beijing, China (“Capital Healthcare”). She also worked as the board secretary and assistant to the director of operations at Capital Healthcare’s subsidiary, Aiyuhua Women’s and Children’s Hospital in Beijing, China. Ms. Zhang’s previously served as an assistant board secretary at Tsit Wing Group, a food and beverages services provider in Hong Kong. Ms. Zhang began her career with Albert YK Lau & Co (Certified Public Accountants), Hong Kong, as an auditor and board secretary. Ms. Zhang graduated from Wuhan University with a Bachelor of Science degree in Biology and Lingnan University with a Master’s degree in International Banking and Finance.
Ms. Yaping Zhang has served as the board secretary of Yunhong Group Holdings Co., Ltd., a company engaged in the business of solar power construction and solar photovoltaic power generation, since 2017. Prior to that, she served as the assistant chairman of Hubei Yunhong Energy Group Holdings Co., Ltd., a Chinese nutrition company operating in China and abroad. Yaping Zhang has a Master’s Degree in Literature from Wuhan University.
There are no family relationships between Wan Zhang, Yaping Zhang and any director or executive officer of the Company.