On April 9, 2016, Kathe Anchel resigned from her positions as President and Chief Executive Officer and as a member of the Board of Directors of Virtual Piggy Inc. Ms. Anchel's resignation letter claims constructive discharge by the Company from her positions as President and Chief Executive Officer due to a number of disagreements about the Company's operating and strategic direction, and the Company believes that her resignation from the Board of Directors was the result of the aforementioned disagreements with the Company relating to its operations, policies or practices. On April 14, 2016, the company appointed John Coyne as Chief Executive Officer and as Chairman of the Board and a member of its Board of Directors, with such appointments to take effect on April 18, 2016. Mr. Coyne, aged 63, has over 30 years' experience in the technology, financial services, media and defense industries.

More recently, Mr. Coyne provided advisory services to European banking institutions, including the Bank of England and the Dutch financial regulators. On April 11, 2016, Martha McGeary Snider resigned from her position as a member of the Board of Directors of the Company and her title as Chairman of the Board.