Item 5.02.
Departure of Directors
or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
On
September 4, 2008, the Board of Directors approved the resignation of Mr. Tony
Tong as Chief Executive Officer of PacificNet Inc. (“PacificNet”) and the
appointment of Mr. Victor Tong, PacificNet’s current President and
Director, as Chief Executive Officer of PacificNet.
Mr. Victor Tong, age 37, has served as
President and
Director of PacificNet since 2002. Mr. Victor Tong is the brother of
Mr. Tony Tong. Mr. Victor Tong’s current employment agreement with
PacificNet, which sets forth his compensation, will remain in full force and
effect on the same terms. Mr. Victor Tong is not party to any
transactions with related persons.
Mr. Tony
Tong, will continue in his role as a member of the PacificNet Board of Directors
as well as serving as a consultant to PacificNet. There were no
disagreements between Mr. Tony Tong and PacificNet on any matter relating to
PacificNet’s operations, policies or practices.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
PACIFICNET
INC.
By:
/s/ Victor
Tong
Name: Victor
Tong
Title: Chief
Executive Officer and
President
|
Dated:
September 10, 2008