WECAST NETWORK, INC. (NASDAQ:WCST) 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
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Mingcheng Tao Resignation
On December 4, 2016, Mr. Mingcheng Tao, the Chief Executive
Officer and director of the Board of Directors of the Company
(the Board) of Wecast Network, Inc. (the Company) notified the
Board of his resignation from his position as CEO and from the
Board, effective immediately. Mr. Taos resignation was not
because of any disagreement with the Company known to an
executive officer of the Company on any matter relating to the
Companys operations, policies or practices. The Company thanks
Mr. Tao for his service to the Company.
Bing Yang Chief Executive Officer Appointment
On December 4, 2016, the Board appointed Mr. Bing Yang, age 54,
as the new Chief Executive Officer of the Company and as a
director of the Board to fill the vacancy created by Mr. Taos
resignation, effective December 4, 2016. Mr. Yangs current
employment agreement will remain the same. There is no
arrangement or understanding between Mr. Yang and any other
person to which he was selected CEO, there is no family
relationship between Mr. Yang and any director or officer of the
Company, and Mr. Yang is not party to any transaction in which
the Company is a participant.
Mr. Yang has served as President of the Companys newly formed
E-Commerce division since April 26, 2016. Prior to that, Mr. Yang
came to the Company with a wide range of experience in research
development, product development and sales and marketing. Between
May 2015 and March 2016, he served as CEO for On-Ramp Service,
Inc., a high-end life>
The Company issued the press release attached hereto as Exhibit
99.1 disclosing Mr. Taos resignation and Mr. Bings appointment
and is incorporated by reference herein.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description |
| 99.1 |
Press release of Wecast International, Inc. dated December 8, 2016. |
About WECAST NETWORK, INC. (NASDAQ:WCST)
Wecast Network, Inc., formerly YOU On Demand Holdings, Inc., is a content video on demand (VOD) service provider with operations in the People’s Republic of China. The Company, through its subsidiaries and variable interest entity, provides content and integrated value-added service solutions for the delivery of VOD and paid video programming to digital cable providers, Internet Protocol Television (IPTV) providers, over-the-top (OTT) streaming providers, mobile manufacturers and operators, as well as direct customers. The Company operates through video content and media segment. The Company is a multi-platform entertainment company delivering content, including Hollywood and China-produced movie titles, as well as children’s programming, to customers’ mobile and television screens across China through subscription video on demand (SVOD) and transactional video on demand (TVOD) services. WECAST NETWORK, INC. (NASDAQ:WCST) Recent Trading Information
WECAST NETWORK, INC. (NASDAQ:WCST) closed its last trading session up +0.06 at 1.40 with 38,069 shares trading hands.