DASAN ZHONE SOLUTIONS, INC. (NASDAQ:DZSI) 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
DASAN ZHONE SOLUTIONS, INC. (NASDAQ:DZSI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On January 6, 2020, upon the recommendation of the Corporate Governance and Nominating Committee, the Board of Directors (the “Board”) of DASAN Zhone Solutions, Inc., a Delaware corporation (the “Company”), unanimously appointed Joon Kyung Kim, age 61. With Mr. Kim’s appointment, which fills the existing Class I vacancy on the Company’s board, Dasan Zhone’s board of directors expands to seven directors, including four independent directors and three non-independent directors. As a Class I director, Mr. Kim’s initial term expires at the 2020 Annual Meeting of stockholders. Mr. Kim will serve on the Audit Committee and the Corporate Governance and Nominating Committee.
Mr. Kim brings to DASAN Zhone’s board more than 36 years of experience in audit and advisory services from KPMG. Prior to joining DASAN Zhone, Kim served as the National Partner in Charge of KPMG’s Korean practice, a role to which he was appointed in 2005. During his career at KPMG, he progressed through various financial statement audit roles, developing expertise in financial statement audits, operational reviews and special audits of specified areas of operations, regulatory supervisory advice, credit reviews, performance improvement, and internal control related advisory services, and in 1999 was promoted to Partner. Kim holds a Bachelor of Science degree in Business Administration from the University of California, Berkeley and is a Certified Public Accountant.
There were no arrangements or understandings between Mr. Kim and any other persons to which he was appointed as a director. There are no related person transactions (within the meaning of Item 404(a) of Regulation S-K) between Mr. Kim and the Company or any director or executive officer of the Company, and the Board has determined that Mr. Kim meets the applicable independence requirements of The Nasdaq Stock Market listing standards.
In connection with his appointment to the Board, Mr. Kim will receive the standard compensation payable to non-employee directors under the Company’s Non-Employee Director Compensation Program. The description of the Company’s Non-Employee Director Compensation Program is qualified in its entirety by reference to the full text of the Non-Employee Director Compensation Program, which was filed as Exhibit 10.4 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Mr. Kim will also enter into the Company’s standard indemnity agreement for directors and executive officers.
About DASAN ZHONE SOLUTIONS, INC. (NASDAQ:DZSI)
DASAN Zhone Solutions, Inc., formerly Zhone Technologies, Inc., designs, develops and manufactures communications network equipment for telecommunications operators and enterprises across the world. The Company’s products provide enterprise solutions that enable both network service providers and enterprises to deliver high speed fiber access, while transporting voice, video and data to the end user. In addition to its product offerings in its core business, it offers FiberLAN Passive Optical local area network (LAN), which provides an alternative to switched copper-based LANs. The customers of its FiberLAN business include hospitality, government, education, manufacturing and business enterprises. Its products span two categories: SLMS Products, and Legacy, Service and Other Products. Its SLMS Products include Broadband Aggregation and Service, Customer Premise Equipment (CPE), Zhone Management System and FiberLAN Passive Optical LAN.
