Milwaukee Tool President Steven Richman has been appointed as the Chief Executive Officer of Techtronic Industries effective May 21, according to a May 20 filing. Techtronic Industries, which is based in Hong Kong, acquired Milwaukee Tool in 2005. The Techtronic Industries board announced Richman would replace former CEO and Executive Director Joseph Galli, who retired effective May 20 and had been with the company for 18 years. Richman had been at Milwaukee tool for over 17 years,

According to the filing:

Mr. Galli has confirmed that he has no disagreement with the Board and the Group, and there is no matter regarding his Resignation that needs to be brought to the attention of the shareholders of the Company and/or the Stock Exchange. 

The announcement "caught investors by surprise" according to a May 23 report from the Milwaukee Business Journal.

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