Lennox International has announced the appointment of Gary Bedard as president of the residential business segment, effective 1 January, 2023.
At the same time the company is reviewing its European operations and increasing its focus on the North American market.
Bedard succeeds Doug Young, who is retiring following a distinguished 24-year career at the company. Young's retirement is effective 30 June, 2023, to ensure a seamless transition and maintain momentum on critical business initiatives, including share gain opportunities.
For the last five years, Bedard led the refrigeration segment and previously spent 19 years in the residential business in general management, sales, product, and marketing leadership roles.
From 2007 to 2017, he led the Lennox residential business, during which time the business experienced consistent market share gains.
Lennox CEO Alok Maskara, said Bedard is a seasoned leader with a long track record of success over his 24 years at Lennox.
"Our residential business is well-positioned for long-term share growth and margin expansion under his leadership."
Maskara also thanked Young for his leadership which led to a number of remarkable milestones for the residential segment.
Revenue doubled to more than $3 billion, profit tripled to more than $600 million, and profit margin expanded more than 600 basis points to over 18 per cent, he said.
The company also announced the decision to explore strategic alternatives for its European commercial HVAC and refrigeration businesses, which represent approximately five per cent of the company's revenue.
"This decision is consistent with our focus on North America, where we are best positioned to achieve our revenue growth and profit margin targets," Maskara said
The company will continue to invest in its high-performing North American Heatcraft Refrigeration Products (HRP) business, which will become part of the commercial segment under the leadership of Joe Nassab
"With an even sharper focus on North America, Lennox has significant opportunities ahead to accelerate profitable growth over the coming years,” he said.