- George R. Oliver to retire as
CEO and remain chair of the Board, following appointment of
successor
- Advances Board refreshment with appointment of Patrick Decker as a new, independent director;
Appointment follows Constructive Dialogue with Elliott
Management
CORK,
Ireland, July 31, 2024 /PRNewswire/ -- Johnson
Controls (NYSE: JCI), a global leader for smart, healthy and
sustainable buildings, today announced that George R. Oliver has informed the Board of
Directors that it is time to initiate the CEO succession plan
following the company's substantial progress on its portfolio
transformation. Oliver has led the Johnson Controls' business and
portfolio transformation since becoming Johnson Controls' chairman
and CEO in 2017.
Accordingly, the Johnson Controls Board has begun a
comprehensive search for the Company's next CEO with the assistance
of a nationally recognized executive search firm to aide in the
evaluation of internal and external candidates. Oliver will
continue to serve as chairman and CEO until a successor is named
and will remain chair of the Board once the new CEO is named to
allow for a smooth management transition.
"It has been a true honor to serve as CEO of Johnson Controls. I
am proud of the remarkable success we have achieved in recent years
to position our company as a pure-play provider of comprehensive
solutions for commercial buildings. As we approach the completion
of our business transformation and move to the next phase of
growth, I believe that now is the right time to begin the process
of identifying the next leader of the new Johnson Controls," said
Oliver. "Today, Johnson Controls is a leading provider of
technology and solutions that make buildings smarter, creating a
one-of-a-kind offering that drives value for customers and
shareholders. Following this substantial milestone in our portfolio
transformation, I am confident that Johnson Controls is solidly
positioned for its next chapter, and I look forward to supporting
the team to help ensure the Company achieves its full
potential."
"On behalf of the Board, I thank George for his unwavering
passion, leadership and commitment to Johnson Controls over the
last seven years and since our merger with Tyco," said Jürgen
Tinggren, Johnson Controls lead independent director. "As chairman
and CEO, George has successfully led Johnson Controls through a
period of significant evolution, with a clear vision to optimize
the Company to deliver greater value for our customers, employees
and our shareholders. The Board will work closely with George to
conduct a thorough and comprehensive search to identify the best
individual to lead the future of Johnson Controls."
Board Refreshment
As part of the Company's ongoing Board refreshment efforts and
following a constructive dialogue with Elliott Investment
Management L.P. (together with its affiliates, "Elliott"), Johnson
Controls appointed Patrick Decker to
serve on its Board, effective immediately. Decker previously served
as president and CEO of Xylem Inc. prior to his retirement. With
the appointment, the Board is comprised of 13 directors, 12 of whom
are independent.
"Patrick is a fantastic addition of a world-class executive with
experience transforming Xylem from an industrial products company
to an advanced technology, services and solutions enterprise," said
Tinggren. "Patrick's appointment reflects our commitment to
continuously refresh our board to ensure the skills and experiences
of our directors appropriately reflect Johnson Controls'
transforming business. We welcome Patrick to the Board and are
excited to benefit from the experience and expertise he will
bring."
"Over the last several years under George's leadership, Johnson
Controls has built an industry leading portfolio that provides
unique and critical building solutions to its customers," said
Marc Steinberg, Partner at Elliott.
"As one of Johnson Controls' largest investors, we believe the
leadership and board actions announced today along with the recent
portfolio changes position the Company to realize the benefits of
its transformation, enhance operational performance and drive
significant shareholder value creation. We appreciate the
productive discussions we've had with George and his team and
today's financial results make it clear that Johnson Controls is on
the right path to capitalize on the opportunities ahead."
About George Oliver
George R. Oliver is Chairman and
Chief Executive Officer of Johnson Controls. Prior to becoming CEO
on Sept. 1, 2017, he served as
president and chief operating officer with responsibility for the
company's operating businesses. He also led the integration of
Johnson Controls and Tyco following their September 2016 merger.
George previously served as CEO of Tyco and as a member of its
Board of Directors from September
2012 through the September
2016 merger with Johnson Controls. He joined Tyco in
July 2006 as president of Tyco Safety
Products and assumed additional responsibility as president of Tyco
Electrical & Metal Products from 2007 through 2010. He was
appointed president of Tyco Fire Protection in 2011.
Prior to Tyco, George had a more than 20-year career with
General Electric (GE), where he served in operational roles of
increasing responsibility in several divisions including as
president and CEO of GE Water & Process Technologies and
president and CEO of GE Engine Services, as well as previous
leadership roles in GE's Aircraft Engines and Appliances
divisions.
George holds a Bachelor of Science degree in mechanical
engineering from Worcester Polytechnic
Institute, where he serves as a member of the Board of
Trustees.
About Patrick Decker
Patrick Decker is the retired
president and CEO of Xylem Inc., a leading water technology
provider. Decker served as president and CEO from March 2014 through December 2023.
Prior to leading Xylem, Patrick served as president and CEO of
Harsco Corporation, a global industrial products company, from 2012
until 2014. Prior to Harsco, he served in various leadership roles
at Tyco from 2003 until 2012, including as president, Tyco Flow
Control, a global provider of industrial solutions to the energy
and water sectors.
Prior to Tyco, Patrick served with Bristol-Myers Squibb for
twelve years in financial and operational roles, predominantly in
its Latin America and Asia divisions. He started his career with
Price Waterhouse LLP.
Patrick holds a Bachelor of Science degree in Accounting and
Finance from Indiana University.
About Johnson Controls
At Johnson Controls (NYSE: JCI), we transform the environments
where people live, work, learn and play. As the global leader in
smart, healthy and sustainable buildings, our mission is to
reimagine the performance of buildings to serve people, places and
the planet.
Building on a proud history of nearly 140 years of innovation,
we deliver the blueprint of the future for industries such as
healthcare, schools, data centers, airports, stadiums,
manufacturing and beyond through OpenBlue, our comprehensive
digital offering.
Today, with a global team of 100,000 experts in more than 150
countries, Johnson Controls offers the world's largest portfolio of
building technology and software as well as service solutions from
some of the most trusted names in the industry.
Visit www.johnsoncontrols.com for more information and follow
@Johnson Controls on social platforms.
JOHNSON CONTROLS INTERNATIONAL PLC CAUTIONARY STATEMENT
REGARDING FORWARD-LOOKING STATEMENTS
Johnson Controls International plc has made statements in this
communication that are forward-looking and therefore are subject to
risks and uncertainties. All statements in this document other than
statements of historical fact are, or could be, "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. In some cases, these forward-looking statements
can be identified by the use of words such as "outlook,"
"believes," "expects," "potential," "continues," "may," "will,"
"should," "could," "seeks," "projects," "predicts," "intends,"
"plans," "estimates," "anticipates" or the negative version of
these words or other comparable words. However, the
absence of these words does not mean that a statement is not
forward-looking. Forward-looking statements include, among other
things, statements relating to the Company's Chief Executive
Officer succession plan. Investors are therefore cautioned not to
place undue reliance on any forward-looking statements. Johnson
Controls cautions that these statements are subject to numerous
important risks, uncertainties, assumptions and other factors, some
of which are beyond its control, that could cause its actual
results to differ materially from those expressed or implied by
such forward-looking statements, including, among others, the risks
contained in the section entitled "Risk Factors" in Johnson
Controls Annual Report on Form 10-K for the fiscal year filed with
the SEC, which is available at www.sec.gov and
www.johnsoncontrols.com under the "Investors" tab, and such factors
may be updated from time to time in Johnson Controls filings with
the SEC, which are or will be accessible on the SEC's website at
www.sec.gov. Shareholders, potential investors and others should
consider these factors in evaluating the forward-looking statements
and should not place undue reliance on such statements. The
forward-looking statements included in this communication are made
only as of the date of this document, unless otherwise specified,
and, except as required by law, Johnson Controls assumes no
obligation, and disclaims any obligation, to update such statements
to reflect events or circumstances occurring after the date of this
communication.
Investor Contacts:
Jim
Lucas
Direct: 1-414-340-1752
Email: jim.lucas@jci.com
Media Contact:
Trent Perrotto
Direct : 1-414-524-8687
Email : media@jci.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/johnson-controls-announces-initiation-of-ceo-succession-following-significant-milestones-in-portfolio-transformation-302210727.html
SOURCE JOHNSON CONTROLS, INC