After leading Brookfield-based Milwaukee Tool for 17 years, senior group president Steve Richman has been promoted to the role of chief executive officer at Hong Kong-based Techtronic Industries, the parent company of Milwaukee Tool.
The former CEO of Techtronic Industries, Joseph Galli Jr., resigned from the position on May 20, according to an announcement from the company. He was executive director and CEO for 18 years.
Richman officially assumed the role of CEO with Techtronic Industries on Monday.
Richman has spent most of his career in power tool and outdoor power equipment industry. He has 35 years of experience in the management of industrial, electrical, plumbing, and retail distribution operations.
Before joining Milwaukee Tool, he held management positions with BLACK & DECKER and served as president of SKIL and BOSCH Power Tools for over five years respectively. He is also a member of the board of directors of Traeger, Inc.
During Richman’s time leading Milwaukee Tool, the company experienced continuous, exponential growth. Milwaukee Tool grew its sales 10.7% in 2023, which would place its revenue at around $8.9 billion based on prior disclosures. The company has seen a compound annual growth rate of 22% since 2010.
Richman was named one of BizTimes Media’s Wisconsin 275 in 2022, a listing of the most influential business leaders in the state.
