Resideo Announces CEO Succession Plan and New Chairman of the Board
Resideo Technologies (NYSE: REZI) announced that President and CEO Jay Geldmacher will retire in 2025. He will remain in his roles until a successor is named and will then serve as a senior advisor. The Board has engaged an executive search firm to find his replacement. Geldmacher highlighted the company's achievements, including portfolio refocusing, improved cash flow, and market expansion. Andrew C. Teich, the current Vice-Chair, is now the Chairman of the Board, replacing Roger B. Fradin. Fradin will continue to advise Resideo. Teich has been with Resideo since its launch and has significant industry experience.
Resideo Technologies (NYSE: REZI) ha annunciato che il presidente e CEO Jay Geldmacher si ritirerà nel 2025. Rimarrà nei suoi ruoli fino a quando non verrà nominato un successore e poi svolgerà il ruolo di consigliere senior. Il Consiglio ha ingaggiato una società di ricerca di dirigenti per trovare il suo sostituto. Geldmacher ha evidenziato i successi dell'azienda, inclusi il riassetto del portafoglio, il miglioramento del flusso di cassa e l'espansione del mercato. Andrew C. Teich, l'attuale Vice-Chair, è ora il presidente del Consiglio, sostituendo Roger B. Fradin, che continuerà a consigliare Resideo. Teich è con Resideo dalla sua fondazione e ha una significativa esperienza nel settore.
Resideo Technologies (NYSE: REZI) anunció que el presidente y CEO Jay Geldmacher se retirará en 2025. Permanecerá en sus funciones hasta que se designe un sucesor y luego actuará como asesor senior. La Junta ha contratado a una firma de búsqueda de ejecutivos para encontrar su reemplazo. Geldmacher destacó los logros de la compañía, que incluyen el enfoque del portafolio, la mejora del flujo de efectivo y la expansión del mercado. Andrew C. Teich, el actual Vicepresidente, es ahora el Presidente de la Junta, reemplazando a Roger B. Fradin. Fradin continuará asesorando a Resideo. Teich ha estado con Resideo desde su lanzamiento y tiene una experiencia significativa en la industria.
레지데오 기술(뉴욕 증권 거래소: REZI)은 제이 겔드마허(Jay Geldmacher) 사장 겸 CEO가 2025년에 은퇴한다고 발표했습니다. 그는 후임이 임명될 때까지 자신의 역할을 계속 수행하며, 이후에는 수석 고문의 역할을 맡을 것입니다. 이사회는 그의 후임자를 찾기 위해 임원 검색 회사를 고용했습니다. 겔드마허는 포트폴리오 재편, 개선된 현금 흐름, 시장 확장을 포함한 회사의 성과를 강조했습니다. 현재 부회장인 앤드류 C. 타이치(Andrew C. Teich)는 로저 B. 프라딘(Roger B. Fradin)을 대체하여 이사회의 의장이 되었습니다. 프라딘은 레지데오에 계속 자문할 것입니다. 타이치는 레지데오가 설립된 이후로 함께 해왔으며, 업계에서 풍부한 경험을 보유하고 있습니다.
Resideo Technologies (NYSE: REZI) a annoncé que le président et CEO Jay Geldmacher prendra sa retraite en 2025. Il restera dans ses fonctions jusqu'à ce qu'un successeur soit nommé et agira ensuite en tant que conseiller senior. Le conseil d'administration a engagé une société de recherche exécutive pour trouver son remplaçant. Geldmacher a mis en avant les réalisations de l'entreprise, y compris le recentrage du portefeuille, l'amélioration des flux de trésorerie et l'expansion du marché. Andrew C. Teich, l'actuel vice-président, est désormais président du conseil d'administration, remplaçant Roger B. Fradin, qui continuera à conseiller Resideo. Teich est avec Resideo depuis son lancement et possède une expérience significative dans l'industrie.
Resideo Technologies (NYSE: REZI) hat angekündigt, dass Präsident und CEO Jay Geldmacher im Jahr 2025 in den Ruhestand gehen wird. Er wird bis zur Ernennung eines Nachfolgers in seinen Rollen bleiben und danach als Senior Advisor fungieren. Der Vorstand hat ein Executive-Search-Unternehmen beauftragt, um seinen Ersatz zu finden. Geldmacher hob die Erfolge des Unternehmens hervor, einschließlich der Neuausrichtung des Portfolios, der Verbesserung des Cashflows und der Markterweiterung. Andrew C. Teich, der derzeitige Vize-Vorsitzende, ist jetzt der Vorsitzende des Vorstands und ersetzt Roger B. Fradin. Fradin wird Resideo weiterhin beraten. Teich ist seit der Gründung von Resideo im Unternehmen und bringt umfassende Branchenerfahrung mit.
- Refocused product portfolio.
- Improved cash flow and financial profile.
- Two transformational acquisitions.
- Entry into new markets.
- Accelerated new product introductions.
- CEO retirement may cause leadership transition uncertainty.
Insights
The announced CEO succession plan and Board changes at Resideo represent a carefully orchestrated leadership transition. Under Geldmacher's tenure, the company achieved notable operational improvements, including portfolio optimization and two strategic acquisitions. The extended transition period into 2025 and retention of Geldmacher as an advisor suggests a well-planned handover designed to maintain operational continuity.
The appointment of Andrew Teich as Chairman brings valuable industry expertise, particularly given his background as former CEO of FLIR Systems and current Chairman of Sensata Technologies. His experience in industrial technology aligns well with Resideo's focus on smart home solutions and security systems.
While leadership transitions can create uncertainty, the company's improved cash flow position and market leadership in home technology solutions provide stability during this change. The deliberate succession planning and engagement of a top executive search firm indicate a thoughtful approach to maintaining strategic momentum.
Jay Geldmacher to retire as President and CEO, and member of the Board of Directors in 2025
Current Vice-Chair, Andrew C. Teich, to become Chairman
Today's announcement is part of the company's active succession planning process. The Board has engaged a nationally recognized executive search firm to assist in the process of identifying and evaluating qualified candidates.
"It has been my privilege to be a part of Resideo and I look forward to continuing to serve the company and its stakeholders until my successor is named. I am proud of the company's achievements, and I want to express my deepest gratitude to the Resideo team," said Jay Geldmacher. "Over the past four years, we have refocused our product portfolio, substantially improved the cash flow and financial profile of the company, made two transformational acquisitions, entered new markets, and accelerated our new product introduction cadence. All of this has created a foundation for future revenue and earnings growth."
"As a market leader, I believe Resideo is well positioned to capitalize on its profitable growth opportunities and generate durable free cash flow in the future. I look forward to supporting a smooth transition to the next CEO as Resideo prepares to embark on its exciting next chapter."
"On behalf of the entire Board, we wish to extend our sincerest gratitude to Jay for over four years of devoted service to Resideo," said Andrew C. Teich, incoming Chairman of Resideo's Board of Directors. "Jay's collaborative partnership in the boardroom and strong leadership in driving structural improvements to the company's operations leave Resideo far better positioned to achieve long-term profitable growth."
"The Board remains fully confident in the company's strategy as well as its senior leadership team. Through our ongoing succession planning, the Board is committed to appointing a new CEO who will continue to drive our ambitious vision forward. We greatly appreciate Jay's support in ensuring a smooth transition."
Chairman of the Board Change
Resideo today also announced that, effective today, Board member and current Vice-Chair, Andrew C. Teich has been named as Chairman of the Board, succeeding Roger B. Fradin who has stepped down from the Board after having served as Chairman of the Board since 2018. Given his long history with the Company, Mr. Fradin will continue to advise Resideo in a consulting capacity, leveraging his extensive and relevant industry and operational experience.
"Andy is a strong leader who has been an incredibly valuable voice on the Board since the company's launch in 2018," said Mr. Fradin. "Drawing on his significant experience, Andy is the ideal person to assume the Chair role and continue to work closely with other members of the Board in connection with our CEO succession process that was announced today."
"Resideo has benefited greatly from Roger's deep expertise, guidance and commitment to the company and its stakeholders," said Mr. Teich. "His leadership has played a key role in the company's transformation process and has set the company up for success in the future. On behalf of the entire Board of Directors, I want to thank Roger for his tremendous efforts and look forward to continuing to work with him in his consulting capacity."
Mr. Teich previously served as Resideo's Lead Independent Director from 2019 through June 2023, and currently serves as the Chair of the Innovation and Technology Committee and as a member of the Nominating and Governance and Compensation and Human Capital Management Committees.
Prior to joining Resideo's Board, Mr. Teich served as President and Chief Executive Officer and a member of the Board of Directors of FLIR Systems from 2013 to 2017. Mr. Teich has served as the Chairman of the Board of Directors of Sensata Technologies, a publicly traded global industrial technology company, since July 2019.
About Resideo
Resideo is a leading global manufacturer and developer of technology-driven sensing and controls products that provide critical comfort, energy management, and safety and security solutions to over 150 million homes globally. Through our ADI Global Distribution business, we are also a leading wholesale distributor of professionally installed low-voltage products, including electronic security, smart home, and life safety products for commercial and residential markets and serve a variety of adjacent product categories including audio visual and data communications. For more information about Resideo, please visit www.resideo.com.
Forward-Looking Statements
This release contains "forward-looking statements." All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks and uncertainties, which may cause the actual results or performance of the Company to differ materially from such forward-looking statements. Such risks and uncertainties include, but are not limited to, the transition process associated with the identification and selection of a new president and chief executive officer of Resideo and the other risks described under the headings "Risk Factors" and "Cautionary Statement Concerning Forward-Looking Statements" in our Annual Report on Form 10-K for the year ended December 31, 2023 and other periodic filings we make from time to time with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and actual results, developments, and business decisions may differ from those envisaged by our forward-looking statements. Except as required by law, we undertake no obligation to update such statements to reflect events or circumstances arising after the date of this press release and we caution investors not to place undue reliance on any such forward looking statements.
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SOURCE Resideo Technologies, Inc.
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