Resideo Announces CEO Succession Plan and New Chairman of the Board
Resideo Technologies, Inc. announced that Jay Geldmacher, President and Chief Executive Officer, has informed the Board of his intention to retire from his executive and Board roles in 2025. Mr. Geldmacher will continue to serve as President and CEO until his successor is named, at which time he will also retire from the Board and become a senior advisor to the company to facilitate a smooth transition.
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.”
“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 also announced that 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.
As appeared in SecurityInfoWatch.com, Nov. 9, 2024
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