Bakhu Holdings, Corp. appointed Evripides (Roy) Drakos as new CEO

Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


Departure of Director and President and Chief Executive Officer


On November 10, 2021, the Company accepted the resignation of Dr. Teddy C. Scott, Jr. as a member of the Board of Directors of the Company (the "Board") and as the President and Chief Executive Officer of the Company, in each case effective as of November 10, 2021. Dr. Scott served as the Chair of the Board and the principal executive officer of the Company.


Through the period of service as Chair of the Board and as President and Chief Executive Officer to develop and deliver growth to the Company, it became evident that the plan of engagement was not aligned with the expectations of the stockholders and the Board. Dr. Scott had advocated that the Company develop and implement a corporate governance structure including, among other things, be governed by a board of directors comprised of a majority of independent directors. Dr. Scott resigned because he believes that adopting an enhanced corporate governance structure would maximize stockholder value and would have enabled Dr. Scott to better perform his duties as the Chief Executive Officer and Chair of the Board. As a matter of principle, the Company agrees that an effective corporate governance structure can increase investor confidence and help drive corporate success and revenue growth, when applied diligently. The Board, taking note of Dr Scott's advice, has started to review and implement, where necessary, a corporate governance structure that can further enable exponential growth and most importantly maximize long-term stockholder value, in compliance with all laws and regulations.


A copy of Dr. Scott's resignation email is attached as Exhibit 99.1 to this Current Report on Form 8-K. Dr. Scott has served as a director of the Company since September 2021.


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Election of Chair of the Board and Appointment of Interim President and Chief Executive Officer


On November 11, 2021, the Company elected Evripides (Roy) Drakos, a current member of the Board, to serve as the Chair of the Board with the view to maximize stockholder value but also support in the selection of the next Chief Executive Officer. The Company also appointed Mr. Drakos as the Interim President and Chief Executive Officer of the Company, each case effective as of November 11, 2021. Mr. Drakos serving as the Chair of the Board will oversee as principal executive officer activities of the Company until the Company hires a new President and Chief Executive Officer. Mr. Drakos has not been named to serve on any committee of the Board. Mr. Drakos is an advisor of Inter-M Traders Group of Companies, an affiliate of Inter-M Traders FZ, LLE which is currently the beneficial owner of 117,000,000 shares of the Company's common stock, representing 38.85% of the Company's outstanding common stock. Mr. Drakos does not have a material interest in any transaction that is required to be disclosed under Item 404(a) of Regulation S-K, and there is no family relationship between Mr. Drakos and any of the Company's other directors or executive officers.


Mr. Drakos is a technology inventor, investment advisor, and market development strategist. During his services in the last three decades, he has accumulated unique experience through his involvement in technology pioneering and financial engineering in emerging markets, medical science, renewable energy and hi-tech patent investments. He has also acted as the principal advisor for private equity investments and boutique family offices. Mr. Drakos also supports the satellite communication industry, as his principal activity, focusing on strategy and business development in emerging markets for blue chip satellite communication company and as investment advisor for Inter-M Traders Group of Companies.