Business
CTI Industries Corporation Completes CEO Transition
NEW YORK, NY / ACCESSWIRE / January 8, 2020 / CTI Industries Corporation (NASDAQ:CTIB) ("CTI" or the "Company") announced today that the Company has completed
About this update from Yunhong Green Cti Ltd.
[{"type":"text","content":"NEW YORK, NY / ACCESSWIRE / January 8, 2020 / CTI Industries Corporation (NASDAQ:CTIB) (\"CTI\" or the \"Company\") announced today that the Company has completed the transition of its Chief Executive Officer position to Frank Cesario from Jeffrey Hyland, who recently resigned for personal reasons.During December 2019, Mr. Hyland, who has been President of the Company since December 2017 and Chief Executive Officer since December 2018, resigned from those positions, and as a Director, for personal reasons. He has agreed to remain a consultant to the Company. Mr. Frank Cesario, Chief Financial Officer since November 2017, was elevated to Acting CEO, and on January 2, 2020. Mr. Cesario was appointed as President, Chief Executive Officer and a Director. Mr. Cesario brings 16 years of experience as CFO of multiple manufacturing entities, including the past two years at CTI. John Schwan, Chairman of the Board, stated, \"We are saddened to lose Jeff's strong leadership that has guided us through challenging times, but he created the foundation and current strategies for future profitable growth. We are confident that CTI is in good hands with Frank and his management team. With Jeff staying on as a consultant, we believe there will be a smooth transition to Frank's well-deserved position as CEO.\"In the two years under Mr. Hyland's leadership, CTI implemented several significant improvements to the business. These changes included reducing expenses by an annualized $3 million during the first year, upgrading the senior management team including the hiring of Mr. Cesario, installing two new pieces of equipment that resulted in increased foil balloon operating capacity by 35%, securing the refinancing of the Company's bank debt in December 2017, and significantly improving foil balloon quality through a detailed quality improvement program. Mr. Hyland and Mr. Cesario designed the Company's current strategy that features the divestiture of unprofitable subsidiaries and product lines, approximately $5 million of planned expense reductions over the next two years, the growth of targeted revenue opportunities, and the streamlining of the business model to focus on profitable, growth-oriented business segments.Mr. Hyland said, \"I am extremely pleased with the accomplishments of CTI, our management team, and our employee base over my two-yea...