Vertiv Completes CEO Succession

Rhea-AI Summary

Giordano Albertazzi took over as CEO of Vertiv on January 1, 2023, aiming for operational excellence and profitable growth. Vertiv, a leader in critical digital infrastructure, reported a strong demand in its markets with a record order backlog of $4.7 billion by Q3 2022. Albertazzi's experience in leading operations in Europe and the Americas will drive performance improvements in a challenging macroeconomic environment. He will continue to serve as President of the Americas until a successor is appointed.

Positive

• Record order backlog of $4.7 billion as of Q3 2022.
• Giordano Albertazzi's extensive experience in operational and financial improvements.

Negative

• None.

Giordano Albertazzi assumed role as CEO on January 1, 2023

Albertazzi confirms focus on operational excellence, profitable growth, high-performance culture, and innovation

COLUMBUS, Ohio--(BUSINESS WIRE)-- Vertiv (NYSE: VRT), a global provider of critical digital infrastructure and continuity solutions, today announced that on January 1, 2023, Giordano Albertazzi assumed the role of CEO, and was appointed to the Board of Directors.

Vertiv CEO Giordano Albertazzi (Photo: Business Wire)

“I’m honored to take the helm of Vertiv as CEO. I’m looking forward to working closely with our leadership team and employees around the world to continue to increase the value we create for our customers, further strengthen our financial performance and create long-term value for our shareholders,” said Albertazzi. “As I’ve shared with Vertiv employees, we will work to achieve our full potential by focusing on building a high-performance culture of collaboration and innovation; institutionalizing operational excellence and execution; and ultimately delivering profitable growth and improved cash flow.”

Dave Cote, Executive Chairman at Vertiv stated: “With more than two decades of operational and business experience at Vertiv and a track record of performance in both Europe and the Americas, Giordano is the right person to drive Vertiv forward. He was instrumental in driving significant operational and financial improvements while leading EMEA, and in the ongoing turnaround of the Americas. He understands how to build and maintain a high-performing culture. Giordano’s operational expertise and deep understanding of Vertiv’s business and customers will be pivotal in driving continued performance improvement while navigating macroeconomic uncertainty.”

As CEO, Albertazzi will aim to increase Vertiv’s relentless customer focus as it addresses the infrastructure and business needs of the data center, communication networks and industrial applications.

Albertazzi assumes the CEO role at a time of continued strong demand across Vertiv’s data center end markets. The company reported a record order backlog of $4.7 billion as of the end of the third quarter of 2022. Vertiv is a leader in providing thermal, power, IT management, and integrated solutions for global data center operators to meet ongoing consumer demand.

Vertiv announced its CEO succession plan in October 2022 and since then Albertazzi assumed the role of Chief Operating Officer, working closely with former CEO Rob Johnson, ensuring a seamless transition.

In addition to becoming CEO, Albertazzi will also continue in his position as President, Americas, until a successor is named. In connection with Albertazzi transitioning out of the COO role, operational oversight will reside with regional Presidents to further focus on regional performance.

About Vertiv

Vertiv (NYSE: VRT) brings together hardware, software, analytics and ongoing services to enable its customers’ vital applications to run continuously, perform optimally and grow with their business needs. Vertiv solves the most important challenges facing today’s data centers, communication networks and commercial and industrial facilities with a portfolio of power, cooling and IT infrastructure solutions and services that extends from the cloud to the edge of the network. Headquartered in Columbus, Ohio, USA, Vertiv employs approximately 24,000 people and does business in more than 130 countries. For more information, and for the latest news and content from Vertiv, visit Vertiv.com.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27 of the Securities Act, and Section 21E of the Securities Exchange Act. These statements are only a prediction. Actual events or results may differ materially from those in the forward-looking statements set forth herein. Readers are referred to Vertiv’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q for a discussion of these and other important risk factors concerning Vertiv and its operations. Vertiv is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230102005043/en/

Sara Steindorf

E Sara.steindorf@fleishman.com

Source: Vertiv Holdings Co

FAQ

Who is the new CEO of Vertiv?

Giordano Albertazzi assumed the CEO role of Vertiv on January 1, 2023.

What is Vertiv's current order backlog?

Vertiv reported a record order backlog of $4.7 billion as of the end of the third quarter of 2022.

What will Giordano Albertazzi focus on as CEO of Vertiv?

Albertazzi aims to enhance operational excellence, profitable growth, and a high-performance culture.

When was the CEO succession plan announced for Vertiv?

The CEO succession plan was announced in October 2022.

What is Vertiv's stock symbol?

Vertiv's stock symbol is VRT.