Business Context and Reporting Period
This Form 8-K Current Report was filed by Planet Green Holdings Corp. (NYSE American: PLAG) on June 27, 2019, regarding events that occurred on June 24, 2019. The filing addresses executive leadership changes within the Company, specifically the departure of the Chief Financial Officer and the appointment of a successor.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Departure: Yu Li resigned as Chief Financial Officer effective June 24, 2019. The resignation was for personal reasons and was not due to any disagreement with the Company.
- Appointment: Lili Hu was appointed as Chief Financial Officer effective immediately on June 24, 2019.
- Compensation: Ms. Hu's employment agreement includes an annual base salary of $48,000 for a one-year term, subject to renewal.
Outlook, Risks, and Management Commentary
Management Commentary: The Company confirmed that the departure of the former CFO was amicable. The new CFO, Ms. Hu, brings over ten years of accounting experience, including roles as a financial director for a wholly-owned subsidiary and as a Certified Public Accountant in China.
Compensatory Arrangements: The employment agreement specifies that if Ms. Hu is terminated without cause or resigns for good reason, she is entitled to three months of continued base salary. If terminated for cause or resigns without good reason, she receives salary only through the end of employment.
Risks and Contingencies: The filing states there are no family relationships between Ms. Hu and other directors or officers, and no related party transactions subject to disclosure under Item 404(a) of Regulation S-K.
Investor Verification Checklist
- Verify the effective date of the CFO transition (June 24, 2019).
- Confirm the new CFO's background and lack of prior disagreements with the Company.
- Review the specific terms of the new employment agreement regarding termination payouts.
- Check for any subsequent filings regarding the search for a replacement for the former CFO if not already filled.