Johnson Controls, a global leader in smart, healthy, and sustainable buildings, announced that George R. Oliver, the company’s Chairman and CEO, will retire. Oliver informed the Board of Directors of his decision, initiating the CEO succession plan following the company’s substantial progress on its portfolio transformation. He has led the business and portfolio transformation since becoming Chairman and CEO in 2017. The Johnson Controls Board has begun a comprehensive search for the next CEO, assisted by a nationally recognized executive search firm. Oliver will remain as Chairman and CEO until a successor is named and will continue as Chairman of the Board after the transition.
Oliver expressed pride in the company’s achievements, positioning Johnson Controls as a pure-play provider of comprehensive solutions for commercial buildings. He believes that the company is well-positioned for its next chapter of growth and looks forward to supporting the team. Jürgen Tinggren, Johnson Controls lead independent director, thanked Oliver for his dedication and leadership over the past seven years, highlighting his successful guidance through significant evolution. The Board will work closely with Oliver to find the best leader for the company’s future.
As part of the company’s ongoing board refreshment efforts, and following constructive dialogue with Elliott Investment Management L.P., Johnson Controls appointed Patrick Decker to serve on its Board. Decker, a former president and CEO of Xylem Inc., brings experience in transforming industrial products companies into advanced technology enterprises. The Board now consists of 13 directors, 12 of whom are independent. Tinggren emphasized the value of Decker’s expertise and the commitment to refreshing the board to reflect the company’s evolving business.
Marc Steinberg, Partner at Elliott, recognized the progress Johnson Controls has made under Oliver’s leadership, building an industry-leading portfolio of building solutions. As a major investor, Elliott believes the leadership and board actions, alongside recent portfolio changes, position the company for continued growth and shareholder value creation.
The announcement comes on the heels of Johnson Controls’ recent financial results, which demonstrate the company’s progress toward capitalizing on future opportunities. This move highlights the company’s strategic approach to its future growth and its commitment to a smooth transition.
