CHINA GREEN AGRICULTURE, INC. (NYSE:CGA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
(a) Effective April 18, 2017, Yiru Shi resigned as a director of
China Green Agriculture, Inc. (the Company). Ms. Shis resignation
from the Board of Directors of the Company did not result from
any disagreement with the Company.
(d) On April 15, 2017, the Board of Directors, upon the
recommendation of its Nominating Committee, appointed Daqing Zhu
to serve on the Board. Mr. Zhu will also serve on the Audit
Committee, Nominating Committee and Compensation Committee of the
Board.
Mr. Zhu, aged 52, has served as the president of Shaanxi Aisuo
Consulting Co. Ltd., a company specializing in providing
professional management and finance services, since 2014. In
2004, Mr. Zhu founded Shaanxi Xintianyou Auto Dealership Co. Ltd,
a dealership of auto sales and services for various brands,
including BYD Auto, and had served as its CEO and Chairman of the
Board until 2014. In addition to founding and developing
commercial businesses, Mr. Zhu had also worked in the public
sector since the 1990s. His public administration experience
includes working at various agencies and offices of the Shaanxi
provincial government from 1990 to 2004. Earlier in his career,
in the 1980’s, Mr. Zhu was a corporate banking officer at
Industrial and Commercial Bank of China in Xi’an. As the
corporate leader with responsibility for all aspects of business
management, Mr. Zhu has executive level experience in financial
management, internal control, marketing to individuals and small
businesses, sales, customer care, operations, product management,
electronic commerce, financial services, executive compensation,
strategic planning, technology, and mergers and acquisitions.
The Board has determined that Mr. Zhu meets the independence
standards adopted by the Board in compliance with the New York
Stock Exchange corporate governance listing standards and Item
407(a) of Regulation S-K.
Mr. Zhu has (i)no arrangements or understandings with any other
person to which he was appointed as a director, and (ii)no family
relationship with any director or executive officer of the
Company or any person nominated or chosen by the Company to
become a director or executive officer.
Mr. Zhu has had (i) no direct or indirect material interest in
any transaction or series of similar transactions contemplated by
Item404(a) of Regulation S-K and, (ii) as of the date of this
Current Report on Form 8-K, Mr. Zhu holds no direct or indirect
beneficial ownership in the Companys stock or rights to acquire
the Companys stock.
Mr. Zhu will receive the standard compensation paid by the
Company to all of its non-employee directors, pro-rated to
reflect the actual time Mr. Zhu will serve on the Companys Board
this year. In connection with his appointment, Mr. Zhu will enter
into a standard indemnification agreement with the Company in the
form previously approved by the Board, which is attached as
Exhibit 3.1 to the Companys Current Report on Form 10-QSB filed
with the SEC on November 9, 2007 and is incorporated by reference
herein.
About CHINA GREEN AGRICULTURE, INC. (NYSE:CGA)
China Green Agriculture, Inc. is engaged in the research, development, production and sale of various types of fertilizers and agricultural products in the People’s Republic of China (PRC) through its Chinese subsidiaries, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. (Jinong) and Beijing Gufeng Chemical Products Co., Ltd. (Gufeng), and its variable interest entity (VIE), Xi’an Hu County Yuxing Agriculture Technology Development Co., Ltd. (Yuxing). The Company’s segments include Jinong (fertilizer production), Gufeng (fertilizer production) and Yuxing (agricultural products production). The Company’s primary business is of fertilizer products, specifically humic acid-based compound fertilizer produced through Jinong, and compound fertilizer, blended fertilizer, organic compound fertilizer, slow-release fertilizers, water-soluble fertilizers and mixed organic-inorganic compound fertilizer produced through Gufeng. CHINA GREEN AGRICULTURE, INC. (NYSE:CGA) Recent Trading Information
CHINA GREEN AGRICULTURE, INC. (NYSE:CGA) closed its last trading session up +0.04 at 1.30 with 27,442 shares trading hands.