Summary by Futu AI
IvoTech Industries Limited announces that Mr. Joseph Galli Jr., Executive Director and Chief Executive Officer, will retire and resign from office on May 20, 2024. Mr. Galli confirmed that there was no disagreement with the Board of Directors and expressed confidence in the future development of the company. At the same time, the company announced that Mr. Steven Richman will take over as Chief Executive Officer effective May 21, 2024. Mr. Richman has more than 35 years of experience in the power tool industry and has led Milwaukee Tool to remarkable performance growth. The Board of Directors thanked Mr. Galli for his contributions and welcomed Mr. Richman's participation.