Life Clips Inc. announced on Tuesday that Huey Long will be appointed as its chief executive officer and will receive an annual salary of $300,000.
Life Clips is a startup company that develops and manufactures action cameras and is looking to compete with the popular action camera company GoPro Inc.
Long is replacing long-time Charlotte entrepreneur Bob Gruder, who resigned as CEO in January.
Life Clips was formerly based in south Charlotte, but recently moved its headquarters to Aventura, Fla., according to a filing with the Securities and Exchange Commission.
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The company also granted 15.5 million shares to Long in unregistered common stock with different vesting periods, according to the filing.
Life Clips is traded under the ticker LCLP on the OTC Markets for about 1 cent and has seen its stock fall rapidly in recent months from a high of 76 cents in May.
The filing said Long previously served as a senior vice president at Walmart Stores Inc. and as an executive vice president of Radioshack Corp.
In May, a press release said Long was the head of Huey Long & Associates, which provides distribution, marketing, sales and logistics to retail and e-commerce companies.
The press release announced that Huey Long & Associates had a “retail representation agreement” with Life Clips.
Life Clips had $709,233 in total assets and $20.8 million in total liabilities, according to the company’s most recent audited financial filing. The company also had a revenue of $534 and a net loss of $19.7 million.
Last year, The Charlotte Observer reported that Life Clips had an agreement with an investor relations firm called Midam Ventures LLC to publish positive stories about the company on a website called techstockinsider.com.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism