Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 1, 2022, Gregory De Richemont, an independent director of Embrace Change Acquisition Corp., a Cayman Islands exempted company (the “Company”), resigned as an independent director of the Company. Mr. De Richemont’s resignation was not the result of any dispute or disagreement with the Company or the Company’s Board of Directors on any matter relating to the Company’s operations, policies or practices.
The Company’s Board of Directors appointed Mr. Mo Zhou to serve as the Company’s Class II director, effective December 1, 2022.
Mo Zhou, 34, has been serving as the Chief Operating Officer of Destone Acquisition Corp. and the Chief Risk Officer of Destone Holdings LLC since June 2021. Mr. Zhou was a lawyer at Davis Polk & Wardwell LLP from October 2014 to May 2021. Mr. Zhou received his bachelor’s degree in commerce from Queen’s University in 2010 and his Juris Doctor degree from Harvard Law School in 2014.
Other than as described in this report, Mr. Zhou has no direct or indirect material interest in any transaction or proposed transaction required to be reported under Item 404(a) of Regulation S-K or Item 5.02(d) of Form 8-K and there are no arrangements or understandings between Mr. Zhou and any other person pursuant to which he was selected as an independent director.
On December 2, 2022, Yoann Delwarde, Chief Executive Officer and Chairman of the Board of Directors of the Company, resigned as Chairman and Chief Executive Officer of the Company. Mr. Delwarde’s resignation was not the result of any dispute or disagreement with the Company or the Company’s Board of Directors on any matter relating to the Company’s operations, policies or practices.
The Company’s Board of Directors appointed Mr. Jingyu Wang to serve as the Company’s Chief Executive Officer, a Class III director and Chairman of the Board of Directors, effective December 2, 2022.
Jingyu Wang, 33, served as an advisor to the Company in connection with its initial public offering and public disclosures from September 2021 until his appointment as Chief Executive Officer. From June 2015 to September 2021, Mr. Wang served as the secretary of the board for 36Kr Holdings Inc., a company listed on Nasdaq (Nasdaq: KRKR), for which he coordinated the Company’s public disclosures. Mr. Wang received his bachelor’s degree in laws from China University of Political Science and Law in 2012.
Other than as described in this report, Mr. Wang has no direct or indirect material interest in any transaction or proposed transaction required to be reported under Item 404(a) of Regulation S-K or Item 5.02(d) of Form 8-K and there are no arrangements or understandings between Mr. Wang and any other person pursuant to which he was selected as Chief Executive Officer.