IRELAND: Johnson Controls’ president and chief operating officer George Oliver is to take over the role of chairman and CEO from Alex Molinaroli.
George Oliver was chairman of Tyco International, a global fire and security provider, when the two companies merged last year. Since then he has been responsible for the company’s operating businesses and leading the integration of Johnson Controls and Tyco.
Molinaroli, who has lead Johnson Controls since 2013, will leave the company and the board effective September 1.
In addition, Jürgen Tinggren, chair of the audit committee and a member of the executive committee, has been appointed lead independent director of the Johnson Controls board of directors, effectively immediately. Separately, Jeffrey A Joerres has stepped down from the Johnson Controls board.
“Given the progress made on the merger integration as we approach the one-year anniversary and upcoming start of a new fiscal year, this is an opportune and appropriate time to implement this planned leadership succession,” said Jürgen Tinggren.
“The board has been impressed by George’s leadership and oversight of the integration, and we believe accelerating the transition provides clarity and continuity as we move into the next phase and continue to deliver the benefits of the transaction and enhance long-term shareholder value,” he added.
Since completing the merger, the two companies have been executing a robust integration plan realise approximately $1bn of cost savings.