Johnson Controls chair & CEO, George Oliver, has announced plans to step down.
Oliver advised the Board of Directors that it is time to initiate the CEO succession plan following the company's substantial progress on its portfolio transformation.
Oliver has led the Johnson Controls' business and portfolio transformation since becoming chair and CEO in 2017.
The Johnson Controls board has begun a comprehensive search for the company's 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 chair and CEO until a successor is named and will remain chair of the board once the new CEO is appointed to allow for a smooth management transition.
"It has been a true honour to serve as CEO of Johnson Controls. 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,” Oliver said.
“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.”
Jürgen Tinggren, Johnson Controls lead independent director, thanked George for his unwavering passion, leadership and commitment to the company over the last seven years and since JCI merged with Tyco.
Johnson Controls also appointed Patrick Decker to serve on its board, effective immediately. Decker previously served as president and CEO of Xylem Inc. prior to his retirement.