Freedom Leaf Inc. (OTCMKTS:FRLF) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On November 21, 2018, Paul Pelosi Jr. resigned as a member and as Chairman of the Board of Directors of Freedom Leaf Inc. (the “Company”) as his original one-year term of appointment to the Company’s Board of Directors expired at the end of October of 2018. Mr. Pelosi’s resignation was not related to any disagreement with the Company.
On November 21, 2018, David Goldburg, one of the members of the Company’s Board of Directors, was appointed as Chairman of the Board of Directors; Richard Groberg resigned as the Company’s Chief Financial Officer; and Laurence Ruhe, the Company’s Controller, was appointed as the Company’s Chief Financial Officer.
Mr. Groberg will remain a member of the Company’s Board of Directors and serve on the Board’s newly-formed Finance Committee. Mr. Ruhe, age 57, joined the Company in July of 2018 with over 30 years of finance experience, most recently as SVP of Global Finance at BMM International, a leading provider of testing services to the gaming industry with offices in ten countries. Mr. Ruhe held senior finance positions at Progressive Gaming and Konami Gaming focusing on internal controls and SOX implementation. Mr. Ruhe also worked in international banking, including positions at Wells Fargo, Deutsche Bank, and Banca CRT. Mr. Ruhe will be paid $85,000 for his first year of service as CFO and will be issued 100,000 shares of the Company’s common stock, which vest ratably over 12 months with first vesting on November 30, 2018.
About Freedom Leaf Inc. (OTCMKTS:FRLF)
Freedom Leaf, Inc. (Freedom Leaf) is focused on being the national and international news source for the Cannabis/Industrial Hemp industry. The Company, through its online and print media channels, is engaged in dissemination of current legislation and legal news, arts and entertainment. The Company provides advertisements in publications, both print and online, in the cannabis/hemp marketplace. It provides consulting services to companies who are in its industry. It contracts with companies to brand, market and sell their products and/or services. It sells licenses, both domestic and foreign, for the use of the Freedom Leaf brand that includes its products and services. The Company also incubates other companies in the cannabis industry. The Company’s magazine, The Good News in Marijuana Reform, reports on arts, fashion and lifestyle, all of the elements of the burgeoning cannabis movements.