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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.
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Chief Financial
Officer Appointment
On March 17, 2017,
the Board unanimously appointed Mr. Simon Wang as the Chief Financial Officer (“
CFO
”) and principal accounting
officer of Wecast Network, Inc. (the “
Company
”), effective immediately.
Mr. Wang replaces Mr.
Yi Xu, the interim CFO and principal accounting officer of the Company. Mr. Xu held the role of interim CFO of the Company for
a short period while the search for a permanent CFO occurred. Mr. Xu remains Chief Operating Officer of the Company. The Company
has not yet entered into an employment agreement with Mr. Wang. There is no arrangement or understanding between Mr. Wang and any
other person pursuant to which he was selected CFO, there is no family relationship between Mr. Wang and any director or officer
of the Company, and Mr. Wang is not party to any transaction in which the Company is a participant.
Mr. Wang, age 36, comes
to the Company with more than ten years of experience in financial management. Prior to joining the Company, from August 2015 to
January 2017, Mr. Wang was the Financial VP of Beibei Group(China) Ltd (beibei.com), a Chinese maternal and infant product e-commerce
platform, where he led the financial team, accounting team, investing team, treasury team and legal team, directed and oversaw
management and statutory reports of the companies setting benchmarks, key drivers and targets, and planned and directed treasury
activities including fund seeking for working capital or potential capital investments, performing cash flow projections and managing
daily treasury responsibilities. Between December 2013 and August 2015, Mr. Wang served as the Director of the Financial Department
at Vipshop Holdings Ltd. (NYSE: VIPS), a Chinese online discount retailer, where he ensured external audit of financial report
and Sox 404, maintained the delegations of authority, found and followed through on the control breaks. Before 2013, he was the
senior manager of Deloitte China (a member of Deloitte Touche Tohmatsu Limited, a UK private company), a tax, audit, and consulting
firm, where he led a team of professionals or assisted Partner-in-charge in carrying out quality assurance services to clients
in Financial Services sector or Listed Companies. Vocational qualifications of Mr. Wang include CPA Australia, China Public Accountants
(CICPA) and China Legal Professional Qualification. Mr. Wang holds a BA in Accounting from Southwest University of Political Science
and Law and a Master’s in Finance from the Chinese Academy of Social Sciences.
Chief Technology
Officer Appointment
On March 17, 2017,
the Board unanimously appointed Mr. Randy Huang as Chief Technology Officer (“
CTO
”) of the Company, effective
immediately. The Company has not yet entered into an employment agreement with Mr. Huang. There is no arrangement or understanding
between Mr. Huang and any other person pursuant to which he was selected CFT, there is no family relationship between Mr. Huang
and any director or officer of the Company, and Mr. Huang is not party to any transaction in which the Company is a participant.
Mr. Huang, 45, served
as the CTO for Sun Seven Stars Media Group, an affiliate of the Company, since January 2017. Prior to that, Mr. Huang held various
technical positions within Cisco Systems, Inc. (“
Cisco
”), an American multinational technology conglomerate.
These positions included Senior Director, managing the global software R&D team of the Cable Access Business Unit from April
2015 to November 2016, Director of the global software R&D team of Cable Access Business Unit from January 2013 to April 2015,
Director of the CHINA R&D team of Cable Access Business Unit from October 2010 to January 2013, and other management and engineering
positions building industry-leading routing systems since August 1997. During Mr. Huang’s time at Cisco, Mr. Huang has led
teams of more than 500 engineers, and worked in various areas such as software development, networking, product development, embedded
systems, virtualization and cloud-based micro-service architectures. Mr. Huang holds a Master in Computer Science from UCLA and
a BA in Environmental Engineering from Tsinghua University.