PROFESSIONAL DIVERSITY NETWORK, INC. (NASDAQ:IPDN) 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 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On November 15, 2019, the Board of Directors of Professional Diversity Network, Inc. (the “Company”) appointed Mr. Xin (Adam) He (“Mr. He”), the Chief Financial Officer of the Company, to be the Chief Executive Officer of the Company on an interim basis effective immediately. Also on November 15, 2019, Cosmic Forward Limited (“CFL”), the largest shareholder of the Company, after acquiring 1,142,857 shares of the Company’s Common Stock from another shareholder of the Company, exercised its right under the Stockholders’ Agreement between the Company and appointed Mr. He to be a director of the Company filling the vacancy created by the resignation of Mr. Maoji (Michael) Wang. Mr. He will not receive any additional compensation for serving as the interim CEO and director of the Company.
Mr. He was a director of the Company between January 2018 and March 2019. He resigned from the Board in March 2019 to become the Chief Financial Officer of the Company. Mr. He has no family relationships with any of the Company’s directors or executive officers, and except as described above there are no arrangements or understandings to which Mr. He was appointed to his position.
About PROFESSIONAL DIVERSITY NETWORK, INC. (NASDAQ:IPDN)
Professional Diversity Network, Inc. is an operator of professional networks with a focus on diversity. The Company serves various communities, including Women, Hispanic-Americans, African-Americans, Asian-Americans, Disabled, Military Professionals, and Lesbian, Gay, Bisexual and Transgender (LGBT). The Company’s segments include Professional Diversity Network (PDN Network), which includes online professional networking communities with career resources for the needs of various diverse cultural groups; National Association of Professional Women (NAPW Network), a women-only professional networking organization, and Noble Voice operations (Noble Voice), a career consultation and lead generation service. The Noble Voice call centers qualify callers for real-time job placement. The PDN Network consists of various online professional networking communities dedicated to serving diverse professionals in the United States and employers seeking to hire diverse talent.