Johnson Controls has announced that its CEO, George R Oliver, has informed the Board of Directors that he will be stepping down from his role and that it is time to initiate the company’s CEO succession plan.
According to Johnson Controls, Oliver has led its business and portfolio transformation since becoming the company‘s Chairman and CEO in 2017.
The Board has consequently begun a comprehensive search for its next CEO with the assistance of an 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,” said Oliver.
“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.”
“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 [the company] 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.”