Otto Tech Systems Adds 3 New Members to Its Board of Directors

Rhea-AI Summary

Otto Tech Systems announced the addition of H.P. Goldfield, Cory Scott, and James Bifulco to its Board of Directors. This move aims to bolster Otto's governance and facilitate its expansion from a domestic to a global business. The company, known for its innovative smart ladder technology, will soon conclude field testing with STO Building Group. The Little Giant Signal™, the world's first smart ladder, will be available in quantities in New York this fall. H.P. Goldfield brings extensive international trade expertise, Cory Scott offers valuable property owner insights, and James Bifulco contributes significant safety management experience. This strategic enhancement of the board is expected to drive Otto’s growth and innovation in safety technology.

Positive

• Addition of experienced members like H.P. Goldfield, Cory Scott, and James Bifulco to the board strengthens governance and strategic oversight.
• Field testing of the Little Giant Signal™, the world's first smart ladder, is nearing completion, indicating progress in product development.
• launch of the Little Giant Signal™ in New York this fall could attract early adopters and generate initial market interest.
• H.P. Goldfield's international trade experience may facilitate Otto's global business expansion.
• Cory Scott's background in property management and development adds valuable perspective for product market fit.
• James Bifulco’s extensive safety management experience can enhance product safety and compliance.

Negative

• The launch of the Little Giant Signal™ is to New York, potentially restricting initial market penetration and revenue.
• Relying on a product launch may delay broader market acceptance and scaling.
• No financial figures or projections were provided, leaving investors without clear expectations of financial impact.
• Potential risks associated with transitioning from domestic to global operations were not addressed in the PR.

OAKTON, Va., May 20, 2024 /PRNewswire/ -- Otto Ladder Safety, Inc. (the parent company of Otto Tech Systems) announced the election of H.P. Goldfield, Cory Scott, and James Bifulco to its Board of Directors.

With technology embedded in a multiplatform ladder, Otto helps safety professionals see and manage something no one has ever seen - what happens before workers fall. Ladder accidents are the leading cause of death for construction workers.

Field testing will conclude soon with the STO Building Group and the world's first smart ladder, the Little Giant Signal^™ will be available in limited quantities in the New York market this Fall. The Signal^™ is one of the featured technologies at this year's ENR FutureTech, the preeminent construction technology conference. 

H.P. Goldfield brings a critical mix of Board governance and international trade to Otto and will help lead us from a domestic to a global business. During the Reagan Administration, Mr. Goldfield served as Associate Counsel to the President at the White House and then as U.S. Assistant Secretary of Commerce for Trade Development. He is a Senior Consultant to the Albright Stonebridge Group and a Senior International Advisor to global law firm Hogan Lovells where he is responsible for international trade and transactional problem-solving and developing and implementing complex legislative and regulatory strategies. Mr. Goldfield served for years on the Board of the US Chamber of Commerce and on the Board and as chair of its Governance Committee of ENR 400 construction company Black & Veatch. 

Cory Scott brings the property owner perspective to Otto. He is Executive Vice President, Asset Management for Macerich, a leading owner, operator, and developer of top retail and mixed-use destinations in major U.S. markets (NYSE:MAC) with its much-admired portfolio of market-dominant properties. Macerich is the industry's leader in environmental sustainability. A 25-year veteran of the real estate industry, Mr. Scott has been instrumental in many major development projects, including shaping the transformation of Tysons Corner Center from a dominant super regional shopping center into a vibrant, transit-oriented, mixed-use development.

Jim Bifulco is a co-founder of Otto and among the most highly respected safety professionals in the United States. For more than 25 years, Mr. Bifulco was Managing Member of Total Safety Consulting, LLC (TSC), overseeing the activities of approximately 350 safety professionals assigned to major construction projects in New York and along the East Coast of the U.S. When TSC was acquired in 2021 by insurance giant AJ Gallagher's claims and risk management division, Gallagher Bassett, Mr. Bifulco accepted the role as GB's Managing Director of their Technical Services Division, where he was tasked with developing and delivering aspects of their national end to end risk management solutions. Mr. Bifulco remains a strategic advisor to GBTS.

Media Contact

Ellen Giuntini
+1 703-403-1713
Ellen.Giuntini@ottotechsystems.com

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SOURCE Otto Tech Systems

FAQ

What new members did Otto Tech Systems add to its Board of Directors?

Otto Tech Systems added H.P. Goldfield, Cory Scott, and James Bifulco to its Board of Directors on May 20, 2024.

When will the Little Giant Signal™ be available in New York?

The Little Giant Signal™, the world's first smart ladder, will be available in quantities in New York this fall.

What is the significance of H.P. Goldfield joining the board of Otto Tech Systems?

H.P. Goldfield brings extensive experience in board governance and international trade, which will help Otto Tech Systems expand from a domestic to a global business.

How does Cory Scott’s experience benefit Otto Tech Systems?

Cory Scott brings valuable property owner insights from his role as Executive Vice President, Asset Management for Macerich (NYSE:MAC), enhancing Otto's strategic perspectives for market-dominant property development.

What expertise does James Bifulco bring to Otto Tech Systems?

James Bifulco brings over 25 years of safety management experience and strategic advisory skills from his role at Total Safety Consulting and GB's Technical Services Division.