Forza X1, Inc. (NASDAQ: FRZA) announced significant changes to its executive team this week following the immediate resignation of its former CEO, Jim Leffew. Mr. Leffew stepped down from his role as director of the company on Thursday, without citing any disputes regarding the company's operations, policies, or practices.
In response to the sudden departure, Forza X1 appointed Joseph Visconti as the Interim Chief Executive Officer on Monday. Visconti, who has been serving as the Executive Chairman of the Board of Directors and Chief of Product Development since July 22, 2022, brings a wealth of experience to the role.
He was previously the Chairman of the Board and CEO from the company's inception on October 15, 2021, until his role transition last year.
Visconti's background includes over 25 years of executive-level operational and financial expertise. He has a notable history of successful leadership positions, including founding and serving as CEO and President of a regional investment bank and a financial media company, ValueRich.
Visconti also has a longstanding relationship with Twin Vee PowerCats Co., the majority shareholder of Forza X1, where he has been the CEO, President, and Director since 2015.
Alongside Visconti's appointment, Dan Norton was named President of Forza X1. The company has yet to disclose Norton's background or previous positions.
As part of Visconti's employment agreement, he currently receives an annual base salary of $75,000 and is eligible for an annual performance cash bonus equal to his base salary contingent on achieving certain performance goals.
Moreover, Visconti was granted a stock option to purchase 400,000 shares of common stock, which vests over three years, provided he remains employed through each vesting date.
Visconti's agreement allows him to participate in all benefit plans available to other executive officers and outlines various conditions under which his employment may be terminated, including mutual agreement, death, disability, resignation with or without cause, and termination by the company with or without cause.
This announcement comes directly from a recent SEC filing by Forza X1. The company's swift actions to fill the leadership vacuum indicate a proactive approach to maintaining stability and continuity in its operations.
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