DESTINY MEDIA TECHNOLOGIES INC. (OTCMKTS:DSNY) 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
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DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS. |
Departure
On, and effective as of, June 28, 2017, the board of directors
(the Board) of Destiny Media Technologies Inc. (the Company)
dismissed Steve Vestergaard as President and Chief Executive
Officer of the Company.
The Board had earlier, on June 22, 2017, placed Steve Vestergaard
on administrative suspension, with pay, from each of his roles as
President and Chief Executive Officer of the Company, and
replaced Mr. Vestergaard as chairman of the Board. The Board
appointed Hyonmyong Cho to replace Mr. Vestergaard as chairman of
the Board, effective June 22, 2017.
Mr. Vestergaard continues as a director of the Board.
Appointment
Effective June 28, 2017, the Board appointed Fred Vandenberg as
President and Chief Executive Officer of the Company. Mr.
Vandenberg is currently the Companys Chief Financial Officer and
will remain in that role on a temporary basis.
Mr. Vandenberg is 48 years old and has been the Companys Chief
Financial Officer, Treasury and Corporate Secretary since July
2007. Mr. Vandenberg has over 17 years of public accounting
experience in tax advisory services, mergers and acquisitions,
and financial reporting. Mr. Vandenberg obtained a Bachelor of
Commerce from McMaster University in 1991 and a Master of
Business Administration (Finance) from McMaster University in
1993. In 1996, Mr. Vandenberg was designated as a Chartered
Accountant in Ontario.
There are no arrangements or understandings between Mr.
Vandenberg and any other persons to which Mr. Vandenberg was
selected as an officer of the Company.
There are no family relationships between Mr. Vandenberg and any
other director or executive officer, and there are no
transactions which would require disclosure under Item 404(a) of
Regulation S-K.
The Company has not entered into, adopted, or otherwise commenced
any material plan, contract or arrangement (written or otherwise)
with Mr. Vandenberg in connection with his appointment as
President and Chief Executive Officer, and the Company has not
materially modified or made any material grant or award under any
such plan, contract or arrangement.
| ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS. |
| (d) |
Exhibits |
The following exhibits are either provided with this Current
Report or are incorporated herein by reference:
| Exhibit Number | Description of Exhibit |
| 99.1 | News Release dated June 28, 2017 |
DESTINY MEDIA TECHNOLOGIES INC ExhibitEX-99.1 2 exhibit99-1.htm EXHIBIT 99.1 Destiny Media Technologies Inc. – Exhibit 99.1 – Filed by newsfilecorp.com Destiny Media Technologies Provides Executive Officer and Director Update Vancouver,…To view the full exhibit click here About DESTINY MEDIA TECHNOLOGIES INC. (OTCMKTS:DSNY)
Destiny Media Technologies, Inc. develops and markets services that enable the secure distribution of digital media content over the Internet. The Company’s services are based around security, watermarking and instant play streaming media technologies. The Company’s products and services include Clipstream Online Video Platform (OVP), Clipstream Online Video Platform and Play MPE. The Clipstream Online Video Platform is a self-service system for encoding, hosting and reporting on video playback, which can be embedded in third-party Websites or e-mails. With the JavaScript codec approach, the Company offers various features, such as security, interactivity and proofing of content. Play MPE is a digital delivery service for moving broadcast audio, video, images, promotional information and other digital content securely through the Internet.