OFA Group names Gene Johnston CFO after Ernest Yeung resigns

Dateline: 15 October 2026. OFA Group (Nasdaq: OFAL) named Eugene M. "Gene" Johnston Chief Financial Officer effective October 1, 2026, according to its Form 8-K dated October 5, 2026. He replaces Ernest Yeung, whose resignation as CFO was effective September 30, 2026. The filing gives "personal reasons" as the cause and sets Johnston's base salary at $150,000.

Everything in the sections below comes from the company's own filing unless another outlet is named. The 8-K is the company's own account of the change.

Who is the new OFA Group CFO, Gene Johnston?

Gene Johnston is a 62-year-old finance executive who currently serves as CFO of two other companies, per the 8-K. The filing spells his name Eugene M. "Gene" Johnston and says he holds a B.S. in Business Management from the University of North Carolina at Charlotte.

The table below reproduces the career entries as the company lists them.

The company says that at Mangoceuticals he built the accounting function and led the company through its Nasdaq Capital Market initial public offering in March 2023. At Greentree he focused on PCAOB audits, internal controls and financial reporting for SEC-reporting companies, the filing says.

A Mangoceuticals prospectus filed with the SEC confirms that Johnston entered an offer letter with that company on October 1, 2022.

What are the terms of Johnston's employment agreement?

The agreement runs two years from October 1, 2026, with a $150,000 annual base salary, according to the 8-K. It was dated September 30, 2026 and is filed as Exhibit 10.1.

The filing also states there is no arrangement or understanding with Johnston beyond what it discloses, no family relationship with any director or executive officer, and no transaction requiring disclosure under Item 404(a) of Regulation S-K. For a primer on where these items sit in the filing, see our guide to reading an 8-K Item 5.02.

What happens to Ernest Yeung?

Ernest Yeung left the CFO post effective September 30, 2026, a day before Johnston started. The 8-K says the board accepted his resignation on October 1, 2026 and that it was for personal reasons.

The filing says nothing about a consulting arrangement, severance or a continuing role for Yeung. It also does not mention any disagreement with the company.

Yeung's tenure was short. The Globe and Mail reported, in a summary of an OFA announcement, that he was appointed CFO effective July 16, 2025, after Zia Choe resigned effective July 15, 2025 for personal reasons. That account says Yeung had more than 20 years of finance and accounting experience. This is a single-outlet summary and not a primary filing.

Yeung was still CFO when the company filed its annual report. His name appears as Chief Financial Officer on the certification attached to the 10-K for the fiscal year ended March 31, 2026.

Why is OFA Group changing CFOs?

The only reason stated is Yeung's personal reasons. The 8-K does not tie the change to results, an audit issue or a strategy shift, and it does not say why Johnston was selected.

Some context on the company helps readers weigh the change. OFA describes itself as an integrated architecture and technology company operating across architectural design, design technology and real-world asset tokenization. It listed on Nasdaq in 2025: the company said it closed a $15 million IPO of 3,750,000 ordinary shares at $4.00 a share, with trading starting May 21, 2025.

One other fact matters for a new finance chief:

• Nasdaq bid price. On June 12, 2026, the company said Nasdaq granted it an additional 180-day period, through December 7, 2026, to regain the $1.00 minimum bid price. To comply, the closing bid must be at least $1.00 for 10 consecutive business days. The company said it may effect a reverse stock split if necessary.

These points are context, not stated reasons for the CFO change.

What other leadership changes has OFA Group disclosed?

The 8-K was signed by Li Hsien Wong as Chief Executive Officer, so the CEO is unchanged in this filing. The previous CFO change was the 2025 swap from Zia Choe to Yeung, reported by The Globe and Mail.

What's still unclear?

Several points remain open, and two are direct conflicts between sources.

• Johnston's dates at 1776 Acquisition Corp. The 8-K says he has been that SPAC's CFO since November 2025. 1776 Acquisition Corp's S-1 says he has served as its CFO since inception. The two may reflect different definitions of the start date, but the sources do not explain.
• Johnston's Greentree start date. The 8-K gives February 2017 to September 2026 for his Audit Manager role. The same S-1 says he has served as Audit Manager since February 2015.
• Time commitment. The 8-K describes him as serving as CFO of Mangoceuticals and 1776 Acquisition Corp. It does not say whether he keeps those roles or how he will divide his time.
• Company address. The 8-K lists Rolling Hills, California. The company's June 2026 release is datelined Torrance, California and describes headquarters in Los Angeles.
• Yeung's reasons and terms. Only "personal reasons" is given. No separation terms are disclosed.
• Why Johnston. The company has not explained the selection or whether other candidates were considered.

This article rests on the company's own filing, so the circumstances of the change come from the company alone.