The board of directors of Techtronic Industries Company Limited announced that Mr. Joseph Galli Jr. has tendered his resignation as Chief Executive Officer of the Company with effect from 20 May 2024 due to his personal decision to retire. Thereafter, Mr. Galli will cease to hold any position in the Group. 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 Board announced that Mr. Steven Richman has been appointed as the Chief Executive Officer of the Company with effect from 21 May 2024. Mr. Richman, aged 64, graduated from the University of California, Los Angeles and holds a Bachelor of Arts degree in Political Science, with a focus on business. In January 2007, Mr. Richman was appointed by the Company as the President of the Milwaukee business (Milwaukee Tool) and he served in that role for over 17 years (until his recent promotion in January 2024 to the role of Senior Group President), during which time Milwaukee Tool has experienced unprecedented performance, including double digit compounded annual growth in revenue over the last decade.

His responsibilities encompass every facet of Milwaukee Tool's business, including overseeing global product development, manufacturing operations, and sales and marketing. Mr. Richman, who is a veteran of the power tool and outdoor power equipment industry, has a wealth of professional experience spanning over 35 years in the management of industrial, electrical, plumbing, and retail distribution operations. Before joining the Group, he held key management positions with BLACK & DECKER® and served as president of SKIL® and BOSCH® Power Tools for over five years respectively.

He is a member of the board of directors of Traeger Inc.