Felix Lin appointed HF Foods interim CEO

NORTH AMERICA – Asian restaurant food supplier HF Foods has appointed Felix Lin as its interim CEO.

Lin, who is also the President and Chief Operating Officer (COO), assumes the CEO role following the exit of former CEO Peter Zhang, who will continue as a member of the Board of Directors.

The company emphasized that this leadership transition is not linked to any disputes regarding financial reporting, policies, or practices.

Lin has been with HF Foods for five years and has been instrumental in the management team and Board of Directors. He previously served as the Interim Chief Financial Officer and has been credited with aiding the implementation of the company’s transformation plan.

Charlotte Westfall, HF Foods’ Lead Independent Director, commended Lin’s contributions and expressed confidence in his capacity to navigate the company through this change.

Lin’s background includes experience as Vice President at Blue Bird Corporation, where he held various leadership roles in finance, manufacturing operations, and supply chain management. He also played a significant role in Blue Bird’s business development in China and the Middle East.

Lin expressed appreciation for the opportunity to further develop HF Foods and highlighted the importance of relationships with general managers, suppliers, and customers in driving the company’s success.

He reaffirmed the company’s dedication to its transformation plan and its aim to deliver long-term value to stakeholders.

This leadership change comes less than three months after HF Foods reached a settlement with the U.S. Securities and Exchange Commission (SEC) regarding allegations of securities law violations by its former top executives.

The company neither admitted nor denied the findings but agreed to a cease-and-desist order and will pay a civil monetary penalty of US$ 3.9 million.

The SEC’s investigation, which concluded today, focused on allegations of materially false disclosures and fraudulent activities involving HF Foods’ former Chairman and CEO Zhou Min Ni, and former CFO Jian Ming “Jonathan” Ni.

In accepting HF Foods’ settlement offer, the SEC considered the company’s prompt remedial actions and cooperation during the investigation.

Previously, on June 3, 2024, the SEC had filed charges against the two former executives in District Court, leading them to agree to pay fines and disgorgement, as well as accept officer and director bans. Zhou Min Ni also consented to a conduct-based injunction that restricts his involvement with the company.

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