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Faraci to head Carrier board, post spin-off

USA: John Faraci, a United Technologies director since 2005, will serve as executive chairman of air conditioning and refrigeration equipment manufacturer Carrier following the company’s planned spin off next year.

UTC’s announcement that it would separate into three independent companies by spinning off its Carrier and Otis elevator businesses followed the company’s purchase of aerospace company Rockwell Collins in 2018.

John Faraci heads the new Carrier board which also includes David Gitlin, who was appointed president and chief executive officer of Carrier in June, and current UTC director Jean-Pierre Garnier. The remainder of the eight-member board announced today will also include independent directors John Greisch, Charles Holley, Mike McNamara, Michael Todman and Virginia Wilson.

The new board of directors becomes effective upon the completion of Carrier’s planned separation from UTC in 2020.

Faraci, 69, spent a large part of his career with International Paper, latterly as chairman and CEO until his retirement in 2014. He is an operating partner with the global private equity firm Advent International and also serves as a director of ConocoPhillips Company, PPG Industries and United States Steel Corporation.

The new board is described by UTC as being comprised of “highly experienced executives” from a diverse range of companies in sectors including technology, manufacturing, healthcare, asset management, and retail. 

“These directors bring a commitment to strong governance and deep experience, which will support Carrier’s focus on best-in-class performance for its customers, employees and shareholders as an independent company,” commented UTC chairman and CEO Greg Hayes.

Jean-Pierre Garnier is chairman of Idorsia Pharmaceuticals, and an operating partner at Advent International. Previously, he was CEO of Pierre Fabre SA and CEO and executive member of the board of directors of GlaxoSmithKline plc. In addition to UTC, where he has been a director since 1997, he is also a director of CARMAT, where he also serves as chairman of the board, and Radius Health Inc.

John J Greisch is the chairman of the board of directors of Viant, a leading global services provider to the medical device industry. He previously served as president and CEO of Hill-Rom Holdings, Inc. Greisch also served in senior leadership positions with Baxter International, including as president of the company’s international operations, CFO, and as president of its BioScience division. He is a director of Cerner Corporation, Catalent, and Idorsia Pharmaceuticals.

Charles M Holley, Jr is the former executive vice president and CFO of Wal-Mart Stores. Before joining Walmart, Holley served in various roles at Tandy Corporation and spent more than 10 years with Ernst & Young. He serves as a director of Amgen, Inc, and Phillips 66 Company.

Michael M McNamara is the chairman of PCH International Holdings and a venture partner at Eclipse Ventures. He previously served as CEO of Flex Ltd, one of the world’s largest multinational technology manufacturing companies. He held a variety of leadership positions at Anthem Electronics, Pittiglio Rabin Todd & McGrath, Intel and Ford Motor Company. He serves as a director of Workday Inc, Slack Technologies, and Skyryse Inc. 

Michael A Todman is the former vice chairman and a member of the board of directors of Whirlpool Corporation. He previously served as president of Whirlpool International, president of Whirlpool North America, and executive vice president and president of Whirlpool Europe. He is a director of Newell Brands Inc, Brown-Forman Corporation and Prudential Financial.

Virginia M Wilson is the former senior executive vice president and CFO of Teachers Insurance and Annuity Association of America (TIAA). She previously served as CFO of Wyndham Destinations (formerly Wyndham Worldwide Corporation) and as executive vice president and chief accounting officer at Cendant Corporation. She held roles at MetLife, Transamerica and Deloitte. She serves as a director of Conduent, and Charles River Laboratories International Inc.

Related stories:

Gitlin appointed Carrier president and CEO10 June 2019
USA: United Technologies (UTC) has appointed David L Gitlin as president and CEO of its Carrier air conditioning and refrigeration business in advance of its planned spin off next year. Read more…

UTC to spin off Carrier business27 November 2018
USA: Air conditioning and refrigeration equipment manufacturer Carrier is to become a separate independent company after parent United Technologies (UTC) announced its spin off yesterday. Read more…

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