Twin Vee PowerCats Co is continuing to reduce its operational costs following the completion of the merger with Forza X1 with the resignation of its president, Karl Zimmer.
He will now take on a consulting role.
In a statement Twin Vee said: “In connection with previously announced efforts by Twin Vee Powercats Co to reduce operational cash burn due to industry wide declining demand for recreational marine vehicles, Karl Zimmer agreed to resign from his position as company president, effective November 30, 2024.”
In connection with the resignation, Twin Vee and Karl Zimmer have entered into a separation agreement and release.
Karl Zimmer will receive 100% of his current annual base salary – $200,000 – through the separation date and render services to the company as a consultant on an as needed basis following the separation date.
Twin Vee will pay $60,000 in consulting fees on January 2 2025 and thereafter $2,500 per day if services are requested.
Karl Zimmer was appointed president of Twin Vee PowerCats in July 2024.
The merger between Twin Vee and Forza X1 was completed in November 2024.
Forza X1 previously announced the departure of its president, Dan Norton, without naming a successor.
The latest Twin Vee financial results showed consolidated revenue for Q3 decreased by 64% compared to Q3 2023.
