Worksport Ltd. Announces Chief Financial Officer Resignation and Appointment of Successor

Key Developments

• Resignation of Michael Johnston as CFO: On April 30, 2026, Michael Johnston resigned as Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer of Worksport Ltd., effective 5:00 p.m. Eastern Time the same day. The Board of Directors accepted his resignation.
• No Disagreements: The company clarified that Mr. Johnston’s resignation was not due to any disagreement with the company regarding its operations, policies, practices, financial reporting, or accounting procedures.
• Transition to In-House Finance Function: Worksport indicated it expects to complete a transition to an in-house finance function in connection with the new appointment.
• Appointment of Jennifer Kartychak as CFO: Effective May 1, 2026, Jennifer Kartychak has been appointed Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer.

Background of New CFO

• Internal Promotion: Ms. Kartychak has been serving as Vice President of Finance at Worksport since January 1, 2026. Prior to that, she provided consulting services to the company through Arend Advisory Group LLC, an entity wholly owned by her.
• Professional Experience: Ms. Kartychak brings over a decade of public accounting experience, including approximately five years with Ernst & Young LLP, where she advanced to Manager in Assurance Services. She has significant expertise in manufacturing and public company reporting, and extensive experience in SEC reporting, technical accounting, M&A, governance, and internal reporting.
• Corporate Experience: From May 2010 to June 2016, she was Corporate Accounting Manager at Moog Inc. (NYSE: MOG.A), assuming increasing responsibility throughout her tenure.
• Academic and Professional Credentials: Ms. Kartychak holds Bachelor of Science degrees in Accounting and Accounting Information Systems from Canisius University. She is a Certified Public Accountant licensed in New York and a member of the AICPA.

Compensation and Related Arrangements

• Executive Employment Agreement: In connection with her earlier appointment as Vice President of Finance (January 1, 2026), Ms. Kartychak entered into an Executive Employment Agreement with Worksport USA Operations Corporation (Worksport’s wholly owned subsidiary).
  • Base Salary: \$220,000 per year.
  • Annual Cash Bonus: Target payout of \$75,000, structured in tranches and payable upon achievement of specific corporate milestones and individual KPIs.
  • Stock Options: Non-qualified stock option to purchase up to 100,000 shares of Worksport common stock under the 2022 Equity Incentive Plan, at fair market value on the grant date. Vesting is both time- and performance-based.
  • Stock Grant: Board authorized issuance of 13,000 shares of common stock to Arend Advisory Group LLC (wholly owned by Ms. Kartychak), as part of the CFO transition.
• Prior Consulting Relationship: Before joining Worksport as an employee, Ms. Kartychak’s Arend Advisory Group LLC was paid approximately \$8,000, \$134,000, and \$158,000 for services in 2023, 2024, and 2025, respectively, and approximately \$17,000 in 2026 before her employment agreement. The company issued Arend Advisory Group LLC 19,768 shares for services from 2023 to 2025.
• No Conflicts or Related Party Concerns: Other than the above, there are no arrangements, understandings, or transactions requiring disclosure under Item 404(a) of Regulation S-K. Ms. Kartychak has no family relationships with any director or executive officer of the company.

Implications for Shareholders

• Leadership Change: The immediate replacement of the CFO role could impact market and investor confidence, especially as Ms. Kartychak is a familiar figure to the company through her consulting and recent executive experience. Her background in public accounting and manufacturing, as well as her direct experience with SEC compliance, could be viewed positively.
• Internalization of Finance Function: The transition from an external consultant-based finance function to an in-house team may signal a maturing corporate structure, potentially increasing operational efficiency and transparency.
• Equity Awards and Dilution: Investors should note the issuance of stock options (up to 100,000 shares) and the grant of 13,000 shares, which represent potential dilution, though these are tied to performance and employment milestones.
• Continuity of Operations: The company has proactively managed the CFO transition with a candidate who has deep company knowledge, reducing the risk of operational or reporting disruption.

Conclusion

The resignation of Worksport Ltd.’s CFO and the swift appointment of a successor with significant experience and prior involvement with the company is a material development. Investors should monitor the effectiveness of the internal finance transition, the impact of new equity awards on share dilution, and any upcoming company communications regarding the CFO’s strategic direction. Such leadership changes and compensation arrangements are events that can influence investor sentiment and potentially have a direct impact on Worksport’s share price.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investors should conduct their own research and consult with a qualified financial advisor before making investment decisions. The information provided is based on public filings as of the date indicated and may not reflect the most current developments.

View Worksport Ltd Historical chart here