Twin Vee PowerCats Appoints Joseph Visconti as President

Twin Vee PowerCats Co. (NASDAQ:VEEE) has recently undergone a notable change within its leadership. On January 22, 2025, the Board of Directors of Twin Vee PowerCats Co. appointed Joseph Visconti as the new President of the company, effective immediately. This appointment follows the resignation of Karl Zimmer on November 30, 2024.

Joseph Visconti, 60, brings a wealth of experience to his new role. He has been serving as the Chief Executive Officer and Chair of the Board since 2015. Visconti’s background includes over 25 years of executive-level operational and financial expertise. Prior to joining Twin Vee PowerCats, he founded and led two successful companies, one of which was a regional Investment Bank that he grew to over 400 employees and eventually sold in 2000. The second company, ValueRich, a financial media firm, went public on the American Stock Exchange in 2007 before transitioning into Twin Vee PowerCats, Inc. in 2015. Visconti holds an Associate’s degree from Lynn University, which he earned in 1984.

As part of the appointment, the Company entered into a five-year employment agreement with Mr. Visconti upon the completion of its initial public offering in July 2021. Under this agreement, Visconti serves as the Chief Executive Officer and is entitled to certain benefits and compensation, including an annual base salary of $500,000 and eligibility for an annual performance cash bonus.

The agreement outlines various terms and conditions, including termination clauses, benefits in case of termination without cause or resignation for good reason, and post-termination provisions. In the event of certain terminations, Visconti is entitled to salary continuation, bonus payments, COBRA premium reimbursements, and equity award vesting.

It is highlighted that there are no familial relationships between Mr. Visconti and any of the Company’s directors or executive officers, aside from what has been disclosed. Additionally, Mr. Visconti is not engaged in any other transactions that require disclosure under Item 404(a) of Regulation S-K.

The change in leadership at Twin Vee PowerCats Co. signifies a strategic move by the Board to drive the company forward under Visconti’s leadership.

This initial press release has been put out following the completion of the Form 8-K filing with the Securities and Exchange Commission.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Twin Vee Powercats’s 8K filing here.

Twin Vee Powercats Company Profile

Twin Vee PowerCats Co engages in the design, manufacture, and sale of recreational and commercial power catamaran boats. The firm is focused on designing and developing its products under the ELECTRA Power Sports brand. It operates through the following segments: Gas-Powered Boats, Electric Boat and Development, and Franchise.