Benzinga | Jan 11, 2022 09:07AM EST

Yunhong Names Frank Cesario As CEO; Adds 3 New Independent Board Members

Yunhong CTI Ltd. (NASDAQ:CTIB) ("Yunhong CTI" or the "Company"), a leading manufacturer of custom film products, foil and latex novelty balloons, and flexible packaging products, today announced that Frank Cesario, the Company's former President, Chief Executive Officer and Chief Financial Officer, has been appointed as Chief Executive Officer, effective January 2022. Mr. Cesario currently serves on the board of directors and is a member of the Audit Committee.

The Company also announced the appointments of Mr. Douglas Bosley, Mr. Philip Wong, and Mr. Gerald (J.D.) Roberts to the Yunhong CTI Board of Directors, effective January 2022. Following the appointments of Bosley, Wong and Roberts, the Board will comprise five directors, the majority of whom are independent.

"We are pleased to welcome Frank back to the Company as chief executive officer," said Mr. Yubao Li, Chairman of Yunhong CTI. "Frank is the right person to lead Yunhong CTI into the future, given his strong command of our business and proven ability to drive results. We are on a positive growth trajectory at Yunhong CTI and are well-positioned to continue building on our momentum. I am so pleased that Frank will lead our company, and I am excited to work with him - along with our entire senior leadership team - to ensure a seamless transition and on Yunhong CTI's next phase of growth."

"I am honored to be named Chief Executive Officer of Yunhong CTI and look forward to the opportunity to work with Chairman Li, the Board and the executive team," said Frank J. Cesario, Chief Executive Officer of Yunhong CTI. "We had to drive hard in order to streamline our operations and pay down a burdensome debt load. These were necessary steps to remake our company. Together with our Chief Operating Officer Jana Schwan's established leadership, we get to build something. We are very pleased that Douglas, Philip and J.D. have joined the Board and believe their collective contributions will be invaluable. We will be laser-focused on serving our customers, creating value for our shareholders and providing great opportunities for our people."