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
SCOTTSDALE, Ariz., Nov. 7, 2024 /PRNewswire/ -- Resideo Technologies, Inc. (NYSE: REZI), a leading global manufacturer and distributor of technology-driven products and solutions that provide home comfort and smart living, security, life safety and energy efficiency to consumers and businesses, today 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.
(PRNewsfoto/Resideo Technologies, Inc.)
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.
