Aluf Holdings, Inc. has announced that Donald C. Bennett, Executive Chairman of the Board of Directors, has notified the company of his plan to retire from the Board effective June 30, 2024. Mr. Bennett has been a member of the Aluf board for nearly 13 years serving over 7 years as both President and Chairman of the Company. His decision to retire is unrelated to any disagreement with the Company but reflects his desire to conclude his business career with a well-earned retirement.

The board has appointed Teresa McWilliams, the company's Chief Financial Officer and a board member for over 13 years, as the new Chairperson of the Board, effective July 1, 2024. During her tenure as CFO, Ms. McWilliams has managed the existing Aluf offerings and has successfully negotiated acquisition agreements with several operating companies with a long history of successful financial performance. Joseph S. Paresi, currently serving as the company's Chief Executive Officer, has been unanimously elected to the Board.

With over 45 years of experience in advanced high-technology companies, Mr. Paresi has played a pivotal role in over 100 acquisitions and mergers throughout his career. He is currently advising Aluf on various business initiatives and is actively involved in securing capital to finalize planned acquisitions. Upon the successful conclusion of the initial acquisitions, Mr. Paresi will assume the roles of President and Chief Executive Officer, overseeing all operations, including strategic growth and corporate management oversight.

Before Aluf, Mr. Paresi held roles as the Corporate Director of Technology at Loral and Lockheed Martin Corporations, was part of the founding team and Corporate Vice President at L-3 Communications (Now L-3/Harris), Founder of L-3 Security & Detection Systems (Acquired by Leidos for $1B), and Co-founder of L-1 Identity Solutions (acquired by Safran for $1.9B) and Integrated Defense and Security Solutions(IDSS) (recently acquired by SureScan Corporation). Mr. Paresi has a bachelor's and master's degree in electrical engineering, an MBA in Finance, a Department Of Defense Program Management Degree, and has a Secret Clearance and is Top Secret Special/Compartmental Information Eligible (TS/SCI).