Eaton Appoints Board Member, Olivier Leonetti, Executive Vice President and Chief Financial Officer; Expects Strong Fourth Quarter and Full-Year 2023 Results
17 January 2024 - 11:30PM
Business Wire
Intelligent power management company Eaton (NYSE: ETN) announced
today that Olivier Leonetti has been named executive vice president
and chief financial officer, effective February 5, 2024. He
succeeds Thomas B. Okray, who is leaving the company for personal
reasons.
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Olivier Leonetti (Photo: Business
Wire)
“On behalf of the company and our Board of Directors, I want to
thank Tom for his service and wish him and his family all the best
for the future,” said Craig Arnold, chairman and chief executive
officer, Eaton.
Commenting on the company’s recent performance, Arnold said, “We
remain well-positioned to deliver on our commitments and, as we
have throughout the last year, we expect to report strong results
for the fourth quarter and for the full year 2023 during our next
earnings conference call.”
In sharing his plans, Okray said, “My years at Eaton have been
some of the most enjoyable and rewarding of my career. However,
last year, my personal situation changed, and I now need to be
based with my family in Arizona. Olivier and I will work together
in the next few weeks to make sure the transition is seamless. I
have tremendous confidence in Eaton’s future and am looking forward
to participating in the upcoming earnings call.”
Leonetti joins Eaton from Johnson Controls, where he served as
executive vice president and chief financial officer. Before
joining Johnson Controls in 2020, he served as chief financial
officer of Zebra Technologies Corporation and Western Digital
Corporation and held senior finance leadership roles at Global
Commercial Organization, Amgen, Inc., and Dell, Inc. He also serves
on the board of All-In Milwaukee and has been a member of Eaton’s
board of directors since 2019, a role he will step down from.
Leonetti is a Certified Accountant. He holds a master’s degree
in internal audit from the Graduate School of Management,
Marseille, France; an MBA from Ecole Supérieure des Affaires,
Grenoble, France; and a master’s degree in economics and
accountancy from the University of Aix-Marseille, France.
“As a member of Eaton’s board for almost five years, Olivier has
contributed valuable insights and perspectives on the company’s
strategic direction and growth opportunities,” said Arnold. “We are
grateful for his service on the board and look forward to working
with him in this new capacity as the head of our Finance team.”
In commenting on his new role, Leonetti said, “I am very excited
to join Eaton’s leadership team at such an exciting time in the
company’s history. I look forward to this new adventure and to
working closely with Craig, the board, and the talented leadership
and Finance teams to create value for our customers, shareholders,
employees, and communities.”
This news release contains forward-looking statements concerning
the fourth quarter and full year 2023 results. These statements
should be used with caution and are subject to various risks and
uncertainties, many of which are outside the company’s control. The
following factors could cause actual results to differ materially
from those in the forward-looking statements: a global pandemic
such as COVID-19; geopolitical tensions or war, unanticipated
changes in the markets for the company’s business segments;
unanticipated downturns in business relationships with customers or
their purchases from us; competitive pressures on sales and
pricing; supply chain disruptions, unanticipated changes in the
cost of material, labor, and other production costs, or unexpected
costs that cannot be recouped in product pricing; the introduction
of competing technologies; unexpected technical or marketing
difficulties; unexpected claims, charges, litigation or dispute
resolutions; strikes or other labor unrest at Eaton or at our
customers or suppliers; natural disasters; the performance of
recent acquisitions; unanticipated difficulties completing or
integrating acquisitions; new laws and governmental regulations;
interest rate changes; changes in tax laws or tax regulations;
stock market and currency fluctuations; and unanticipated
deterioration of economic and financial conditions in the United
States and around the world. We do not assume any obligation to
update these forward-looking statements.
Eaton is an intelligent power management company dedicated to
improving the quality of life and protecting the environment for
people everywhere. We are guided by our commitment to do business
right, to operate sustainably and to help our customers manage
power ─ today and well into the future. By capitalizing on the
global growth trends of electrification and digitalization, we’re
accelerating the planet’s transition to renewable energy, helping
to solve the world’s most urgent power management challenges, and
doing what’s best for our stakeholders and all of society.
Eaton was founded in 1911 and has been listed on the New York
Stock Exchange for more than a century. We reported revenues of
$20.8 billion in 2022 and serve customers in more than 170
countries. For more information, visit www.eaton.com. Follow us on
LinkedIn.
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version on businesswire.com: https://www.businesswire.com/news/home/20240116868211/en/
Jennifer Tolhurst Media Relations +1 (440) 523-4006
jennifertolhurst@eaton.com
Yan Jin Investor Relations +1 (440) 523-7558
yanjin@eaton.com
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