Certain Officers; Compensatory
Arrangements of Certain Officers
As previously disclosed on a Current Report on Form 8-K of CTI Industries Corporation (the Company), effective December 5, 2019, Mr. Jeffrey Hyland resigned as a director of the Company. On December 31, 2019, Mr. Frank Cesario, our then Chief Financial Officer and Acting Chief Executive Officer, was appointed as a director of the Company to fill the vacancy created by the resignation of Mr. Hyland. Since November 20, 2017, Mr. Cesario has served as the Companys Chief Financial Officer. On January 2, 2020, Mr. Cesario was appointed as the Companys President and Chief Executive Officer. Prior to joining the Company, Mr. Cesario served in similar roles with Nanophase Technologies Corporation and ISC O International, Inc., publicly traded global suppliers of advanced materials and telecommunications equipment, respectively, as well as Turf Ventures LLC, a privately held chemicals distributor. He began his career with KPMG Peat Marwick and then served in progressively responsible finance positions within Material Sciences Corporation and Outokumpu Copper, Inc. Mr. Cesario holds an MBA (Finance) from DePaul University and a B.S. (Accountancy) from the University of Illinois, and is a registered CPA in the State of Illinois.
There are no family relationships between Mr. Li and any director or executive officer of the Company.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: January 17, 2020
CTI INDUSTRIES CORPORATION
President, Chief Executive Officer and Chief Financial Officer
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