VIVIC Corp. Announces Change in Leadership

On January 7, 2025, VIVIC Corp. (“Vivic” or the “Company”) filed a Form 8-K with the Securities and Exchange Commission, disclosing the resignation of Mr. Shang-Chiai Kung from his positions as Chief Executive Officer and Chief Financial Officer of the company. In response to this resignation, the Board of Directors appointed Mr. Tse-Ling Wang as the new Chief Executive Officer and Mr. Andy F Wong as the new Chief Financial Officer of VIVIC Corp.

Mr. Tse-Ling Wang, aged 55, brings extensive experience in senior management positions within the internet and technology industries to his new role as CEO. He has previously held positions such as President and Chairman at IoT application services companies and has a Master of Business Administration degree from National Chengchi University. Mr. Wang’s employment agreement includes the issuance of 250,000 restricted stock units subject to certain conditions.

On the other hand, Mr. Andy F Wong, aged 64, has a strong background as a financial executive, with experience in overseeing financial functions at various organizations. His employment agreement involves the issuance of 100,000 restricted stock units, also subject to specific terms.

The Company’s new CEO and CFO have entered into employment agreements with VIVIC Corp., outlining terms such as initial employment periods and conditions for stock unit issuance. These agreements include provisions for termination under certain circumstances.

It is noteworthy that no familial relationships exist between Mr. Wang or Mr. Wong and any other directors or executive officers of VIVIC Corp. Additionally, there are no material transactions in which the Company is involved that involve Mr. Wang or Mr. Wong.

The Company’s Form 8-K filing also includes detailed employment agreements for both Mr. Wang and Mr. Wong, which outline the terms and conditions of their employment and stock unit issuance.

This leadership transition within VIVIC Corp. signifies a strategic move aimed at enhancing the company’s operations and management structure, paving the way for future growth and development in the industry.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Vivic’s 8K filing here.

Vivic Company Profile

Vivic Corp. engages in the construction of marinas and yachts under Monte Fino brand in the mainland China. It operates Joy Wave, an online platform that offers yacht rental and leisure services; development of energy-saving yacht engines; and provision of tourism consultancy services, as well as yacht services.