EMERSON RADIO CORP. (NYSEMKT:MSN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
The employment of Andrew L. Davis as Executive Vice President and Chief Financial Officer of Emerson Radio Corp. (the “Company”) was terminated effective as of March 9, 2017. to the terms of Mr. Davis’ employment agreement, he will be entitled to receive severance payments equal to six months of his base salary, subject to his executing and delivering a general release and waiver of claims in favor of the Company.
Effective on March 9, 2017, Michael Binney was appointed as Chief Financial Officer of the Company. Mr. Binney, 57, has been a member of the Board of Directors of the Company since June 2016. Since November 2016, Mr. Binney has also served as an Executive Director and Group Chief Financial Officer of The Grande Holdings Limited (“Grande”). He is a Fellow Member of the Institute of Chartered Accountants in England and Wales, a Fellow Member of the Association of Certified Public Accountants and a Fellow Member of the Hong Kong Institute of Certified Public Accountants. From June 2016 through November 2016, Mr. Binney served as Deputy Chief Executive Officer (Finance Accounting & Company Secretarial) of Grande. From 2010 to March 2016, Mr. Binney served as an Executive Director and Chief Financial Officer of the Vinarco International Group of Companies, an upstream supplier to the oil and gas industry in the Asia-Pacific region. Mr. Binney previously served as a non-executive director of Grande from 2009 to 2010, and as an Executive Director of Grande from 2001 to 2009. He also was a member of the Board of Directors of Lafe Corporation Limited, a company listed on the Singapore Exchange, as a non-executive director from 2009 to 2010 and as Executive Director from 2001 until 2009. Mr. Binney was a member of the Board of Directors of the Company from 2005 to 2008. Previous to the above appointments, Mr. Binney worked for over 10 years at major international accounting firms including KPMG and PricewaterhouseCoopers. There are no arrangements or understandings between Mr. Binney and any other person to which he was appointed as an officer. Mr. Binney does not have any family relationship with any director or other executive officer of the Company or any person nominated or chosen by the Company to become a director or executive officer, and there are no transactions in which Mr. Binney has an interest requiring disclosure under Item 404(a) of Regulation S-K.
In connection with his appointment as Chief Financial Officer, Mr. Binney will be paid a base salary of $150,000 per year. In accordance with Company policy, as an employee of the Company, Mr. Binney will no longer be eligible to receive compensation for his service as director.
About EMERSON RADIO CORP. (NYSEMKT:MSN)
Emerson Radio Corp. designs, sources, imports and markets a range of houseware and consumer electronic products. The Company also licenses its trademarks for a range of products around the world. Its product and branded categories consist of Houseware Products, which include microwave ovens and compact refrigerators; Audio Products, including clock radios, and Other, which consists of televisions, mobile and landline telephones and accessories, tablet computers and accessories, cameras and video cameras and accessories, and miscellaneous electronic and novelty products. Its product categories include bottle openers and wine coolers, microwaves, small appliances and refrigeration. Its products include bottle cooler/warmer, electric wine bottle opener, table-top electronic wine cooler, 700W microwave oven, coffee/espresso/capuccino maker and 3.1 CU.FT. compressor type compact fridge. Its trademarks include Emerson, Emerson Research, H.H. Scott, iDEA, IDIVA, Olevia, Scott and SmartSet. EMERSON RADIO CORP. (NYSEMKT:MSN) Recent Trading Information
EMERSON RADIO CORP. (NYSEMKT:MSN) closed its last trading session up +0.03 at 1.26 with 15,427 shares trading hands.