Johnson Controls begins search for new CEO
Iain Hoey
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Johnson Controls to start CEO succession plan
Johnson Controls has announced the initiation of its CEO succession plan.
George R. Oliver, the current chairman and CEO, informed the Board of Directors of his decision to begin this process following the company’s progress on its portfolio transformation.
The Board has commenced a search for the new CEO with the help of a nationally recognised executive search firm.
Oliver will continue as chairman and CEO until his successor is named and will remain chair of the Board to ensure a smooth transition.
George Oliver’s tenure and achievements
George R. Oliver has led Johnson Controls since 2017.
He remarked: “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.”
Under Oliver’s leadership, Johnson Controls has undergone a significant transformation, positioning itself as a leader in smart building technologies.
Oliver expressed confidence in the company’s future and commitment to supporting the team during the transition.
Board refreshment efforts
In conjunction with the CEO succession plan, Johnson Controls has appointed Patrick Decker to its Board of Directors, effective immediately.
Decker, the retired president and CEO of Xylem Inc., brings extensive experience in transforming industrial products companies into advanced technology enterprises.
Jürgen Tinggren, Johnson Controls’ lead independent director, commented on Decker’s appointment: “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.”
Comments from stakeholders
Marc Steinberg, Partner at Elliott Investment Management, one of Johnson Controls’ largest investors, expressed support for the recent changes: “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 shareholder value creation.”
Steinberg acknowledged the productive discussions with Oliver and his team, emphasizing that Johnson Controls is well-positioned to capitalise on future opportunities.