Broadcast equipment manufacturer Inovonics, Inc. has announced a change in ownership.
Jim Wood, who founded the company in 1972, has stepped down after 50 years, formally retiring from the firm.
Under undisclosed terms of an agreement recently concluded, Ben Barber became the new owner of Inovonics on August 1.
According to a company press release, Wood managed Inovonics until 2006, the year he turned day-to-day operations over to Barber, who was COO at the time before being elevated to president/CEO in 2012.
“Ben has evolved into a much better manager and planner than I ever was, and under Ben’s guidance the company has dramatically increased its presence, market share and prestige within our industry,” said Wood.
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According to Inovonics, Wood goes on to say that the change in ownership is “nominal” for the most part, and that Barber’s decisions over the past 16 years “represent the direction the company will continue to follow.”
In its press release, the company said Wood will maintain ties to Inovonics in an informal advisory capacity.