Cheetah Net Supply Chain Service Announces Resignation of Vice President of Procurement

CHARLOTTE, North Carolina–(BUSINESS WIRE)–Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT) announced on October 25, 2024, that Walter Folker, the Vice President of Procurement, has tendered his resignation from the company. Mr. Folker’s resignation is set to be effective on October 31, 2024, and has been accepted by the board of directors.

According to the company’s filing with the Securities and Exchange Commission, Mr. Folker cited personal reasons for his decision to resign and confirmed that it was not due to any disagreements with the company’s operations, policies, or practices. Following his resignation, Mr. Folker will be available to offer consulting services to Cheetah Net Supply Chain Service on a part-time basis if requested.

In connection with Mr. Folker’s resignation, the company has entered into a Resignation Agreement with him on October 30, 2024. This agreement outlines the terms of Mr. Folker’s separation from the company, including his resignation as an officer and employee effective October 31, 2024. Mr. Folker has agreed to maintain confidentiality, adhere to non-disparagement terms, and release any claims against the company and its affiliates related to his employment.

Under the Resignation Agreement, Mr. Folker will continue to receive his base salary until October 31, 2024, as per the terms of his employment agreement dated March 1, 2022. The full details of the Resignation Agreement are available in Exhibit 10.1 of the current report on Form 8-K filed with the Securities and Exchange Commission.

The departure of Mr. Folker as the VP of Procurement has been disclosed under Item 5.02 of the Form 8-K, which pertains to the Departure of Directors or Certain Officers. The company confirmed that the information provided in this report regarding Mr. Folker’s resignation is integrated into the departure announcement.

For further details, the Resignation Agreement can be referenced in Exhibit 10.1 of the Form 8-K filing.

Contacts
Cheetah Net Supply Chain Service Inc.
Phone: (704) 826-7280

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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Cheetah Net Supply Chain Service’s 8K filing here.

Cheetah Net Supply Chain Service Company Profile

Cheetah Net Supply Chain Service Inc, together with its subsidiaries, supplies parallel-import vehicles in the United States, the People's Republic of China, and internationally. It purchases and resell branded automobiles under the Mercedes, Lexus, Range Rover, RAM and Toyota brands. The company was formerly known as Yuan Qiu Business Group LLC and changed its name to Cheetah Net Supply Chain Service Inc in March 2022.