| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Effective as of October 8, 2010, the Board of Directors (the “Board”) of China Executive Education Corp. (the “Company”) appointed Hongmiao Chen, Tony Ho, Pokai Hsu, and Hongbo Shen to serve as directors of the Company.
Ms. Chen, age 50, currently serves as the general manager of Shanghai Da Ketang Tea Corporation. She has held this position since May 2005. Ms. Chen entered into an independent director’s agreement with the Company, dated October 8, 2010, pursuant to which the Company agreed to pay RMB 36,000 (approximately $5,390) in annual compensation for her services. Ms. Chen also serves as a member of the Audit Committee of the Board.
Mr. Ho, age 36, has served as a project director and consultant for various companies including Miracle Works Media Corporation, Power Source Energy Co., Ltd., Solar Focus, Atomtech Energy & Industrials Co., Ltd., Pealinux International, Kent Periscope, Ltd., StarBio Technology Co., Ltd., Headwin Technology Co., Ltd., King Polyechnic Engineering Co., Ltd., the SYSCOM Group, EGuider Digital Technology Consulting Limted and the Corporate Synergy Development Center. Mr. Ho also has served as the Information Officer Assistant Manager and Assistant Manager of the Information Technology Group of Taishin Bank International Bank. Mr. Ho entered into an independent director’s agreement with the Company, dated October 8, 2010, pursuant to which the Company agreed to pay RMB 36,000 (approximately $5,390) in annual co mpensation for his services. Mr. Ho also serves as a member of the Audit Committee of the Board.
Mr. Shen, age 30, currently serves as an Associate Professor at Fudan University. Prior to this position, Mr. Shen was a research fellow at Tsinghua University. Mr. Shen holds a Ph.D. in Accounting and is certified by the Association of Chartered Certified Accountants. Mr. Shen entered into an independent director’s agreement with the Company, dated October 8, 2010, pursuant to which the Company agreed to pay RMB 60,000 (approximately $8,990) in annual compensation for his services as a director and as the Chair of the Audit Committee of the Board.
Mr. Hsu, age 38, currently serves as the Company’s Chief Operating Officer. He has held this position since February 12, 2010. Mr. Hsu joined Asia Magic Your Life Group in 2003. From 2002 to 2003, Mr. Hsu served as the general manager at Beijing Hongyuan Yingtong Cultural Press Co., Ltd. Prior to that, Mr. Hsu worked for two years as the chief consultant at Du Yunsheng Consulting Co., Ltd. Mr. Hsu has given over 2,300 lectures in the last 8 years to audiences of over 200,000 people. In 2006, his bestseller, How to Be No.1 in China, broke the Guinness world record on the number of book sales at a signing event. Mr. Hsu receives compensation for his service as the Company’s Chief Operating O fficer. However, he will not receive any additional compensation for his service as a director of the Company.
No family relationships exist between these new directors and any director or executive officer of the Company. There is no arrangement or understanding pursuant to which these new directors were appointed as a director of the Company, and there are no related party transactions between these new directors and the Company reportable under Item 404(a) of Regulation S-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| | Exhibit 10.1 | Form of Independent Director Agreement. |
