Director Raymond Yu resigns from RBB Bancorp board citing governance disagreements over independence and conflicts
RBB Bancorp
Yu resigned effective May 10, 2022, citing disagreements over director independence and conflict-of-interest determinations.
Board disclosed that directors Peter Chang and Christopher Koo were involved in an undisclosed outside business venture with EVP Simon Pang, but no business with RBB.
Board initially determined Chang and Koo met Nasdaq independence standards; later withdrew that determination and will investigate Yu's allegations.
Board acknowledges independent director requirements will continue to be met regardless of Chang and Koo's status.
Yu's resignation letter also cites concerns about public disclosures and board's failure to address material issues despite repeated requests.
On May 10, 2022, Mr. Raymond Yu resigned from the boards of directors of RBB Bancorp (“RBB”) and its wholly-owned subsidiary, Royal Business Bank (collectively, the “Company”).
Key facts
Extracted from this filing and checked against the source text.
Executive changeSEC 8-K Item 5.02confidence 0.95
Raymond Yu resigned as Director at RBB Bancorp.
Action
resigned
Role
Director
Exact text from the filing
On May 10, 2022, Mr. Raymond Yu resigned from the boards of directors of RBB Bancorp (“RBB”) and its wholly-owned subsidiary, Royal Business Bank (collectively, the “Company”).
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