ORANCO, INC. (OTCMKTS: ORNC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 3, 2018, Ronald Zhang notified Oranco, Inc. (the “Company” or “ORNC”) of his resignation from the Company as the Chief Financial Officer (“CFO”), effective immediately. The Board of Director of the Company (the “Board”) has accepted Mr. Zhang’s resignation on December 3, 2018. Mr. Zhang’s resignation as CFO is due to personal reason, and not due to any disagreement with the Company on any matter related to the Company’s operations, policies or practices.
Following Mr. Zhang’s departure as CFO, the Board appointed Mr. Patrick Wang as CFO effective as of December 3, 2018. Mr. Wang has over 12 years of financial and leadership experience at the managerial level.
Mr. Wang has served as the CFO of Amax International Holdings Limited from October 2012 to present. From January 2007 to July 2012, Mr. Wang served as the Senior Manager of Crowe CPA Group. From January 2006 to December 2006, Mr. Wang served as the Head of Internal Audit Department of Intac International Company. Mr. Wang is a fellow of Institute of Chartered Accountants in England & Wales and is a Certified Information Systems Auditor of Information Systems Audit and Control Association. He received his Bachelor of Accountancy with honors from Hong Kong Polytechnic University. He received his Master of Management from Macquarie Graduate School of Management.
The Company and Mr. Wang entered into an employment agreement on December 3, 2018 (the “Wang Employment Agreement“) in connection with his appointment as CFO. to the Wang Employment Agreement, Mr. Wang will receive a monthly base salary of HKD 60,000.
Mr. Wang does not have any family relationship with any other director or executive officer of the Company. There have been no related party transactions between the Company and Mr. Wang reportable under Item 404(a) of Regulation S-K.
The foregoing description of Mr. Wang’s compensation and the terms and conditions of his employment is qualified in their entirety by the complete text of the Wang Employment Agreement, which is filed as hereto as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
ORANCO INC ExhibitEX-10.1 2 f8k120318ex10-1_orancoinc.htm EMPLOYMENT AGREEMENT BETWEEN THE COMPANY AND PATRICK WANG,…To view the full exhibit click here
