Posted 01 September, 2023
SRM Entertainment, Inc. appointed new CEO
CEO Change detected for ticker Nasdaq:SRM in a 8-K filed on 01 September, 2023.
Following Mr. John's resignation, on August 31, 2023, the Board approved the appointment of Richard Miller, the Company's Chief Executive Officer and Director, as Chairman of the Board (the "Miller Appointment") effective as of August 31, 2023.
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Overview of SRM Entertainment, Inc.
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Board Changes On August 31, 2023, Brian S. John resigned from his position as a Director and Chairman of the Board of Directors (the "Board") of SRM Entertainment, Inc. (the "Company"). Mr. John's resignation was not due to any disagreement with the Company or its Board or any matter relating to the Company's operations, policies or practices. Following Mr. John's resignation, on August 31, 2023, the Board approved the appointment of Richard Miller, the Company's Chief Executive Officer and Director, as Chairman of the Board (the "Miller Appointment") effective as of August 31, 2023. Concurrently with the Miller Appointment, the Board approved the appointment of Douglas O. McKinnon, the Company's Chief Financial Officer, as a Director, effective as of August 31, 2023. At the time of this filing, Mr. Miller is not serving on a Board committee. Mr. McKinnon, 72, served as the Chief Financial Officer of Jupiter Wellness, Inc. (Nasdaq: JUPW), from August 15, 2019 until he became the Company's Chief Financial Officer on August 14, 2023. Mr. McKinnon has served as the Chief Executive Officer of AppYea, Inc. since March 2016. Mr. McKinnon has served as a director of Surna, Inc. since March, 2014 and as Surna's Executive Vice President and Chief Financial Officer since April 2014. Prior to Surna, Inc., Mr. McKinnon served as Chief Executive Officer of 1st Resource Group, Inc. for four years. Mr. McKinnon's 35+ year professional career includes financial, advisory and operation experience across a broad spectrum of industry sectors, including oil and gas, technology, cannabis and communications. He has served in C-level positions in both private and public sectors, including Chairman and CEO of an American-Stock-Exchange traded company, VP - Chief Administrative Officer of a $12-billion market cap Nasdaq-traded company for which the management team raised over $2.2 billion, CFO of several publicly-held US, Canadian and Australian companies, and CEO/CFO of various other private enterprises. Mr. McKinnon functioned as the Chief Financial Officer of SRM after it was acquired by Jupiter Wellness in November 2020 until his formal appointment on August 14, 2023. As an entrepreneur, Mr. McKinnon has been involved in organizations ranging from start-up companies using venture capital funding to publicly trade institutional backed companies. Additionally, Mr. McKinnon has extensive merger and acquisition, and turnaround experience. Family Relationships Mr. McKinnon does not have a family relationship with any of the current officers or directors of the Company. Related Party Transactions There are no related party transactions with regard to Mr. McKinnon reportable under Item 404(a) of Regulation S-K. Bonus Payments Additionally, upon the Compensation Committee's recommendation, on August 31, 2023, the Board approved cash bonuses payable to Brian S. John, Richard Miller, and Douglas O. McKinnon in the amounts of $75,000, $50,000, and $25,000, respectively.
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