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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Youngevity International, Inc.    YGYI

YOUNGEVITY INTERNATIONAL, INC.

(YGYI)
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YOUNGEVITY INTERNATIONAL, INC. : Changes in Registrant's Certifying Accountant, Change in Directors or Principal Officers (form 8-K)

10/28/2020 | 08:26am EST

Item 4.01 Changes in Registrant's Certifying Accountant.

On October 25, 2020, the Audit Committee of the Board of Directors of Youngevity International, Inc. (the "Company") approved the appointment of MaloneBailey, LLP ("MaloneBailey") as its new independent registered public accounting firm responsible for auditing its financial statements. During the Company's two most recent fiscal years ended December 31, 2019 and 2018, and the subsequent interim period through October 25, 2020, neither the Company, nor anyone on its behalf, consulted with MaloneBailey regarding either: (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and neither a written report nor oral advice was provided to the Company that was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue; or (ii) any matter that was either the subject of a disagreement as defined in Item 304(a)(1)(iv) of Regulation S-K or a reportable event as described in Item 304(a)(1)(v) of Regulation S-K.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 25, 2020, William G. Thompson resigned from the Board of Directors of the Company and as a member and chairman of the Audit Committee to accept the position of Chief Financial Officer of the Company. In connection with Mr. Thompson's appointment, David S. Briskie was appointed Chief Investment Officer of the Company and resigned as the Company's Chief Financial Officer. Mr. Briskie also retains his title as the Company's President.

Mr. Thompson's and Mr. Briskie's resignations were not a result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices.

Mr. Thompson, age 59, had served on the Company's Board of Directors since June 10, 2013. He most recently served from March 2013 to September 2019 as Chief Financial Officer of Broadcast Company of the Americas, a radio station operator in San Diego, California. He served as Corporate Controller for the Company from 2011 to March 2013 and for Breach Security, a developer of web application firewalls, from 2007 to 2010. Prior to 2007, Mr. Thompson was Divisional Controller for Mediaspan Group and Chief Financial Officer of Triathlon Broadcasting Company.

As Chief Financial Officer, Mr. Thompson will receive a base salary of $200,000 a year and will be eligible to receive an annual bonus as may be determined by the Company. Except as set forth herein, there are no understandings or arrangements between Mr. Thompson and any other person pursuant to which Mr. Thompson was appointed Chief Financial Officer of the Company.

On October 27, 2020, Daniel Dorsey was appointed to the Board of Directors of the Company to fill the vacancy created by Mr. Thompson's resignation. The appointment of Mr. Dorsey, which is effective immediately, means that the size of the Board will remain at five (5) members. Mr. Dorsey will serve on the Audit Committee and his term as a director will continue until such time as his successor is duly elected and qualified, or until his earlier resignation or removal.

There are no family relationships between Mr. Dorsey and any of the Company's directors or executive officers and Mr. Dorsey has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. Other than as described below, there were no arrangements or understandings by which Mr. Dorsey was named as a member of the Board.

Mr. Dorsey will receive the Company's standard non-cash compensation as a non-employee director.

© Edgar Online, source Glimpses

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Managers and Directors
NameTitle
Stephan Wallach Chairman & Chief Executive Officer
David Stephen Briskie President, Director & Chief Investment Officer
Michelle G. Wallach Chief Operating Officer
William G. Thompson Chief Financial Officer & Director
Brad Kenson Chief Technology Officer
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