Professional Diversity Network Appoints Gary Xiao as Chief Financial Officer; Finalizes and Executes Employment Contracts wit...
13 March 2017 - 11:45PM
Professional Diversity Network, Inc. (“PDN” or “the Company”)
(NASDAQ:IPDN) today announced the appointment of Gary Xiao as its
Chief Financial Officer, as well as its execution of employment
contracts with senior executives.
On March 7, 2017, the Company appointed Gary Xiao as its Chief
Financial Officer (“CFO”). Mr. Xiao is an experienced
financial leader and business partner who holds an MBA in Corporate
Finance and Strategy from the Ross School of Business at the
University of Michigan. He began his career as a senior
auditor at PricewaterhouseCoopers in Beijing and progressed through
senior roles at Lenovo Group and United Airlines. From 2008
to 2013, Mr. Xiao held the position of Controller with the Jordan
Company, a leading mid-market private equity firm. From
2013-2016, he served as Controller, a CFO-level position reporting
directly to the CEO, at Petstages, a private equity portfolio
company, and most recently served as Corporate Controller at United
Tactical Systems.
Mr. Maoji (Michael) Wang, PDN’s Chief Executive Officer (“CEO”),
expressed his pleasure at Mr. Xiao’s appointment. “It is my
great honor to announce the appointment of Mr. Gary Xiao as the
Chief Financial Officer of Professional Diversity Network.
Our investors with Cosmic Forward Limited purchased a controlling
interest in PDN with the goal of expanding the Company’s business
operations into China and at the same time to enhance the current
USA business activities. Our plans demand sophisticated,
talented and dedicated business leaders across the
organization. Our plans necessitate superior financial
leadership and expertise. Furthermore, the growth strategy
requires a Chief Financial Officer with integrity, creativity and
skill. I am sincerely thrilled that Gary has joined our
team. Mr. Xiao will be responsible for the Company’s
financial operation as we expand into China and refine the USA
business with a goal of achieving profitability. Because Gary
has a superior intellect, education and work experience he is
extremely qualified to create value for our shareholders.”
Additionally, on March 9, 2017, the Company finalized and
executed employment contracts with Mr. Wang, who has been serving
as CEO since his December 22, 2016 appointment to that position by
the Company’s Board of Directors, as well as with Mr. Xiao the new
CFO.
About Professional Diversity Network (PDN)
Professional Diversity Network, Inc. (PDN) is an Internet
software and services company that develops and operates online
professional networking communities dedicated to serving diverse
professionals in the United States and employers seeking to hire
diverse talent. Our subsidiary, National Association of
Professional Women (NAPW), is a networking organization of
professional women spanning more than 200 industries and
professions. Through an online platform and our relationship
recruitment affinity groups, we provide our employer clients a
means to identify and acquire diverse talent and assist them with
their efforts to comply with the Equal Employment Opportunity
Office of Federal Contract Compliance Program.
Notice Regarding Forward-Looking Statements
This press release contains certain forward-looking
statements, including statements related to our business and
strategies. Any such statements may be influenced by a
variety of factors, some of which are beyond PDN’s control, that
could cause actual outcomes and results to be materially different
from those projected, described, stated or implied in such
forward-looking statements due to a number of risks and
uncertainties. Factors that could contribute to such
differences include, but are not limited to, potential
insufficiency of the proceeds from the share issuances to implement
our productivity improvement initiatives, our potential failure to
realize synergies and other benefits from the transaction with
Cosmic Forward Limited and the risk factors disclosed in our Annual
Report on Form 10-K filed on March 30, 2016, as amended and any
subsequent filings made by us with the SEC. We assume no
obligation to update the information included in this press
release, whether as a result of new information, future events or
otherwise. The Form 10-K filed on March 30, 2016, as amended,
together with this press release, are available on our website,
www.prodivnet.com. Please click on “Investor Relations.”
CONTACT:
Chris Wesser, EVP & Secretary
516-659-8560
investor@prodivnet.com
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