Yi Yang
iPowerAbout Yi Yang
Yi Yang was appointed to iPower’s board on June 5, 2025. She is Founder and CEO of Custom Cup Factory, Inc. (since 2020) and Pacelor Inc. (since 2022), with prior roles as founder/operator of Lebonbon (2017–2018) and a personnel specialist in the U.S. Navy (2010–2014). iPower cited her packaging, wholesale, and logistics experience as beneficial to board effectiveness .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| U.S. Navy | Personnel Specialist | 2010–2014 | Managed personnel records, testing, and benefits |
| Lebonbon (boutique catering/event service) | Founder & Operator | 2017–2018 | Operated specialty desserts/beverages/events |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Custom Cup Factory, Inc. | Founder & CEO | 2020–present | Packaging/wholesale sales channels and marketing capabilities |
| Pacelor Inc. | Founder & CEO | 2022–present | Warehouse management/fulfillment operator |
| United Package NV LLC (JV with iPower & CCF) | JV Manager; Class A Voting Unit holder | Operating Agreement signed June 3, 2025 | JV will produce domestic packaging; Units: iPower 2,280; Yi Yang 1,140; CCF 1,710 |
Board Governance
- Election: Yi Yang was elected by shareholders at the June 23, 2025 annual meeting (For: 21,230,321; Abstain: 214,663; Broker Non-Votes: 4,545,719) .
- Independence: Appointed “as an independent director” in June 2025 , but the FY2025 10-K independence determination lists Bennet Tchaikovsky, Hanxi Li, and Yue (Yang) Guo as independent—Yi Yang not named—suggesting her related-party relationships affected independence status .
- Board structure and committees: Audit, Compensation, Nominating & Corporate Governance committees exist; pre-June 2025 chairs: Audit (Tchaikovsky), Compensation (Li), Nominating & Corporate Governance (Guo) .
- Attendance baseline: For year ended June 30, 2024, the board held 4 meetings and no director attended <75% of board/committee meetings (pre-appointment context) .
| Governance Item | Detail | Source |
|---|---|---|
| Election date | June 23, 2025 | |
| Votes for Yi Yang | 21,230,321 For; 214,663 Abstain; 4,545,719 Broker Non-Votes | |
| Committees (company-wide) | Audit; Compensation; Nominating & Corporate Governance | |
| Committee chairs (May 2025 proxy) | Audit: Tchaikovsky; Compensation: Li; Nominating: Guo | |
| Independence status signal | Appointed as “independent”; later independence list excludes Yi Yang |
Fixed Compensation
| Component | Amount/Terms | Notes |
|---|---|---|
| Cash retainer | Not disclosed | Yi Yang’s director offer letter provides reimbursement of reasonable expenses only; no cash retainer stated |
| Expense reimbursement | Reasonable expenses reimbursed | Standard director expense reimbursement |
| D&O insurance | Maintained in commercially reasonable amount | Company policy affirmed in offer letter |
Performance Compensation
| Component | Grant Date | Quantity/Value | Vesting | Performance Metrics |
|---|---|---|---|---|
| Equity awards (RSUs/options) | Not disclosed in Yi Yang’s offer letter | None disclosed | N/A | None disclosed |
Note: Proxy disclosed standard director compensation for FY2024 (e.g., $25,000 cash + $30,000 RSUs; Audit Chair +$5,000), and a separate letter granted Yue Guo $10,000 cash + $10,000 RSUs in May 2025. Yi Yang’s letter is atypical—no cash/equity stated, only expense reimbursement .
Other Directorships & Interlocks
| Entity | Relationship to IPW | Financial Terms | Status |
|---|---|---|---|
| United Package NV LLC (JV) | JV partner and manager; Units: iPower 2,280; Yi Yang 1,140; CCF 1,710 | JV formed June 3, 2025 to produce domestic packaging | Related-party JV; Yi Yang is CEO of CCF |
| Pacelor Inc. | Manages IPW warehouse and provides fulfillment services | Approx. $240,000 per month per 8-K; 10-K states approx. $200,000 per month; services received $202,922 (from June 6, 2025), A/P $78,831 at June 30, 2025 | Related party after June 6, 2025 |
| Pacelor NV Inc. | Provides marketing services to IPW | A/P $315,019 outstanding at June 30, 2025 | Related party |
Expertise & Qualifications
- Packaging/wholesale/logistics operator and entrepreneur through CCF and Pacelor .
- Prior U.S. Navy personnel management experience (records/testing/benefits) .
Equity Ownership
| Name | Shares Beneficially Owned | % of Outstanding | Reference Date |
|---|---|---|---|
| Yi Yang | – | – | October 9, 2025; 31,493,686 shares outstanding |
No RSUs/options or ownership guidelines for Yi Yang were disclosed; no pledging reported .
Governance Assessment
- Independence and conflicts: Yi Yang’s appointment was described as independent, but the subsequent 10-K independence determination omitted her, while detailing significant related-party ties through the United Package JV and recurring payments to her entities (Pacelor ~$200k–$240k per month; A/P balances recorded). This presents a material conflict risk and likely independence impairment under Nasdaq standards and company policy for related-party transactions overseen by the Audit Committee .
- Compensation alignment: Unlike peers (cash retainer and RSUs), Yi Yang’s offer letter disclosed only expense reimbursement, with no equity or cash retainer. This is atypical and leaves limited insight into pay-for-performance alignment or ownership incentives for her board role .
- Shareholder signals: Shareholders approved executive compensation on an advisory basis (21,390,021 For) and elected Yi Yang with strong support, but governance quality will hinge on robust oversight of her related-party engagements and clear committee role definition .
- Policies and oversight: iPower maintains clawback policy, insider trading policy, and committee charters for governance; Audit Committee reviews related-party transactions. Effective application to Yi Yang’s related-party engagements is critical to investor confidence .
RED FLAGS
- Related-party exposure: JV equity stake and operational management plus substantial recurring fees to Pacelor/Pacelor NV after her appointment; conflicting monthly fee disclosures ($240k 8-K vs ~$200k 10-K) require reconciliation and rigorous Audit Committee oversight .
- Independence ambiguity: Appointed as independent, but later independence list excludes Yi Yang—likely due to the above exposures .
- Compensation opacity: No disclosed cash/equity retainer in her offer letter; atypical and reduces transparency on alignment via director equity .
Appendices and References
- Director election results (Annual Meeting June 23, 2025) and say-on-pay approval .
- Company governance framework: committee structures, policies (clawback; insider trading) .
- Yi Yang background and appointment; United Package JV terms; Pacelor/Pacelor NV related-party details .
- FY2025 beneficial ownership table (Yi Yang listed without a share count) .