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

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

(b) and (c)
CEO Transition
On December 22, 2016, the Board of Directors (the “Board”) of Professional Diversity Network, Inc. (the “Company”) appointed Maoji (Michael) Wang to the position of Chief Executive Officer effective immediately. Katherine Butkevich, the Company’s former Chief Executive Officer, will become Chief Executive Officer of NAPW, Inc., the Company’s wholly-owned subsidiary, effective immediately.
Maoji (Michael) Wang, 44, is currently a director of the Company and Chief Executive Officer and investor in Cosmic Forward Limited, the Company’s majority stockholder (“CFL”). Mr. Wang is also currently the managing partner of Beijing Daqian Law Firm, and has held that position since November 2005. Mr. Wang has also served as a vice president at GNet Group Plc, an e-commerce company based in China, since April 2014, and as Chief Executive Officer of Tibet Weibai Investment Fund Management Co., Ltd. since March 2016, Guangzhou Gaixin Network Technology Development Co., Ltd. since May 2016 and Guangzhou Yougaojiu Marketing Management Co., Ltd. since June 2016. He has also worked as a supervisor at Guangzhou Wu Wei E-commerce Services Co., Ltd. since January 2015 and Yunnan Linkenuodi Education Information Consulting Co., Ltd. since November 2012.
Mr. Wang will serve as CEO in his capacity as a director of the Company, and currently not as an employee. The Board has authorized the Compensation Committee of the Board to negotiate any compensation arrangements with Mr. Wang, and no determination regarding such compensation arrangements has been made as of the date of filing of this Current Report on Form 8-K.
Mr. Wang has no family relationships with any of the Company’s directors or executive officers, and there are no arrangements or understandings to which Mr. Wang was appointed to his position. Other than as previously disclosed in the Company’s information statement on Form 14f-1 filed with the Securities and Exchange Commission on October 26, 2016, there are no related party transactions between the Company and Mr. Wang reportable under Item 404(a) of Regulation S-K.
CFO Transition
On December 17, 2016, David Mecklenburger, the Company’s Chief Financial Officer, advised the Company that he will be stepping down as the Company’s Chief Financial Officer effective December 31, 2016. The Company is conducting a search for Mr. Mecklenburger’s permanent replacement. On December 22, 2016, the Board appointed Xin (Adam) He to serve as the Company’s interim Chief Financial Officer effective January 1, 2017.
Xin (Adam) He, 43, has served as Chief Financial Officer of Wanda America Investment Holding Co., a leading real estate company in China and a global property manager, since May 2012. Prior to that, from December 2010 to May 2012, he served as Financial Controller of Xinyuan Real Estate Co. (NYSE: XIN), a publicly traded Chinese developer of large scale, high quality residential real estate projects. Earlier in his career, Mr. He served as an auditor at Ernst & Young, LLP in New York, and held various positions, including financial controller and accounting manager, at Chinatex Corporation, a leading textile manufacturer in China. Mr. He obtained a Master of Science in Taxation from Central University of Finance and Economics in Beijing, and a Master of Science in Accounting from Seton Hall University in New Jersey. Mr. He is a Certified Public Accountant.

The Board has authorized the Compensation Committee of the Board to negotiate any compensation arrangements with Mr. He, and no determination regarding such compensation arrangements has been made as of the date of filing of this Current Report on Form 8-K. Mr. He has no family relationships with any of the Company’s directors or executive officers, and there are no arrangements or understandings to which Mr. He was appointed to his position. There are no related party transactions between the Company and Mr. He reportable under Item 404(a) of Regulation S-K.


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.

Professional Diversity Network, Inc. (NASDAQ:IPDN) Recent Trading Information

Professional Diversity Network, Inc. (NASDAQ:IPDN) closed its last trading session up +0.07 at 10.06 with 56,486 shares trading hands.

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