China Organic Agriculture, Inc. fka CNOA

[saur9681]

New Management... (Again!)...and a 2010 Looking-back Perspective

It's probably a good thing they've changed their management team around. What I find interesting, however, is their short tenure with CNOA. Below I show their 8K for June 8th, 2010 when they hired their new chairman and their CFO (at the time) provides strong expectations. Six months later though.... both the new chairman and CFO (are fired) resign. BTW, the CFO had only been with the company since January 15th, 2010. Looking back on a hectic year in CNOA's management, it provides an interesting perspective. I also provided the management quotes regarding the hiring of their officers throughout the year. It's kind of funny reading through them now. See details below:

December 21st, 2010: New Chairman of the Board and New CFO
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7304196

June 8th, 2010: New CEO and New Chairman of the Board
http://www.sec.gov/Archives/edgar/data/1337826/000143774910001802/cnoa_8k-060810.htm

Existing Accounting Firm resigns, company seeks new firm: http://www.sec.gov/Archives/edgar/data/1337826/000143774910001785/coa_8k-060310.htm

January 15th, 2010: New CFO
http://www.sec.gov/Archives/edgar/data/1337826/000143774910000075/chinaorganic_8k-011510.htm

Quote from CFO regarding new Chairman on June 8th:
"Kyle’s relationships and extensive background in the financial markets will help the Company accelerate its growth and move to the next level”, said Mr. Bo Shan, CFO of China Organic Agriculture."

Quote from New CFO on January 15th, 2010:
"I look forward to developing new opportunities to expand our current businesses”, said Mr. Shan, “And I will strive to improve our management and operating efficiencies by further upgrading the Company’s financial and internal control systems”

Quote from CEO regarding new CFO on January 15th, 2010:
“Bo’s energy and solid experience in financial management, controls and M&A are very well suited with the Company’s current expansion strategy”, said Mr. Jinsong Li, CEO of China Organic Agriculture. “ Mr. Shan replaces Mr. Weihong Xia as Chief Financial Officer of China Organic Agriculture who is no longer with the Company, effected on January 15, 2010.”

What do I make from this? Well, it could be that their new CEO is making some much-needed changes. In that case, I'm all for management being replaced due to poor performance. It could also mean that the newly hired CFO and chairman are on a short leash. During their previous CFO's tenure from Jan 15th-Dec 21st, he managed to fire their independent account firm (probably because they can't file with the SEC on time). However, he hasn't found a replacement for that accounting firm yet (i don't believe)... which probably led to his firing... i mean "resignation". Now let's hope that this new management team can figure it out.