CORK, Ireland, Aug. 21, 2017 /PRNewswire/ -- Johnson Controls
International plc (NYSE: JCI) today announced effective
Sept. 1, 2017, George Oliver, currently president and
chief operating officer, will assume the role of Chairman and
CEO. This action accelerates the move of Mr. Oliver to his
new position six months earlier than previously announced. The
acceleration was unanimously approved by the company's board of
directors. Mr. Molinaroli, currently chairman and CEO, will
leave the company and the board effective Sept. 1, 2017.
In addition, the company announced that 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, the
company announced that Jeffrey A.
Joerres has stepped down from the board of
directors.
Mr. Tinggren said, "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. 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.
Tingren added, "On behalf of the entire board, I want to thank
Alex Molinaroli for his many years
of outstanding service and leadership. He has led Johnson
Controls through a period of unparalleled strategic transformation
and helped position the combined company for success as the leader
in buildings and energy storage solutions."
Mr. Oliver said, "I am honored by the trust the board has placed
in me and look forward to building on the progress we have made in
combining the companies. Since completing the Tyco merger, we have
been executing a robust integration plan to maximize the skill sets
and capabilities of the combined company, develop solutions to
better meet our customers' needs and realize approximately
$1 billion of cost savings. As
CEO, I will continue working with the board and our employees
around the world to deliver on the Johnson Controls promise to make
the world a more productive, secure and sustainable place. I
would like to thank Alex for his direction and partnership, both
before and during this critical year of change."
Mr. Molinaroli said, "It's been an honor to lead Johnson
Controls since 2013, and I want to thank all of our employees for
their continued trust, commitment and incredible
contributions. The company has a great strategic foundation
and is well-positioned for growth as a market leader in buildings
and energy solutions. I'm confident as I've worked with
George over the past year that he and his management team are
well-positioned to propel the company forward."
Mr. Joerres stated, "It has been an honor to have served on the
Johnson Controls board for the last 16 years. I thank Alex
for his dedicated service and am confident that the company will be
well-served under George's capable leadership."
About Johnson Controls:
Johnson Controls is a global diversified technology and multi
industrial leader serving a wide range of customers in more than
150 countries. Our 120,000 employees create intelligent buildings,
efficient energy solutions, integrated infrastructure and next
generation transportation systems that work seamlessly together to
deliver on the promise of smart cities and communities. Our
commitment to sustainability dates back to our roots in 1885, with
the invention of the first electric room thermostat. We are
committed to helping our customers win and creating greater value
for all of our stakeholders through strategic focus on our
buildings and energy growth platforms. For additional information,
please visit http://www.johnsoncontrols.com or follow us
@johnsoncontrols on Twitter.
Johnson Controls International plc Cautionary Statement
Regarding Forward-Looking Statements
Johnson Controls International plc has made statements in this
communication that are forward-looking and therefore are subject to
risks and uncertainties. All statements in this document other than
statements of historical fact are, or could be, "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. In this communication, statements regarding
Johnson Controls' future financial position, sales, costs,
earnings, cash flows, other measures of results of operations,
synergies and integration opportunities, capital expenditures and
debt levels are forward-looking statements. Words such as "may,"
"will," "expect," "intend," "estimate," "anticipate," "believe,"
"should," "forecast," "project" or "plan" and terms of similar
meaning are also generally intended to identify forward-looking
statements. However, the absence of these words does not mean that
a statement is not forward-looking. Johnson Controls cautions that
these statements are subject to numerous important risks,
uncertainties, assumptions and other factors, some of which are
beyond Johnson Controls' control, that could cause Johnson
Controls' actual results to differ materially from those expressed
or implied by such forward-looking statements, including, among
others, risks related to: any delay or inability of Johnson
Controls to realize the expected benefits and synergies of recent
portfolio transactions such as the merger with Tyco and the
spin-off of Adient, changes in tax laws, regulations, rates,
policies or interpretations, the loss of key senior management, the
tax treatment of recent portfolio transactions, significant
transaction costs and/or unknown liabilities associated with such
transactions, the outcome of actual or potential litigation
relating to such transactions, the risk that disruptions from
recent transactions will harm Johnson Controls' business, the
strength of the U.S. or other economies, automotive vehicle
production levels, mix and schedules, energy and commodity prices,
the availability of raw materials and component products, currency
exchange rates, and cancellation of or changes to commercial
arrangements. A detailed discussion of risks related to Johnson
Controls' business is included in the section entitled "Risk
Factors" in Johnson Controls' Annual Report on Form 10-K for the
2016 year filed with the SEC on November 23,
2016, and in the quarterly reports on Form 10-Q filed with
the SEC after such date, and available at www.sec.gov and
www.johnsoncontrols.com under the "Investors" tab. Shareholders,
potential investors and others should consider these factors in
evaluating the forward-looking statements and should not place
undue reliance on such statements. The forward-looking statements
included in this communication are made only as of the date of this
document, unless otherwise specified, and, except as required by
law, Johnson Controls assumes no obligation, and disclaims any
obligation, to update such statements to reflect events or
circumstances occurring after the date of this communication.
CONTACT:
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Investors:
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Antonella
Franzen
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(609)
720-4665
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Ryan
Edelman
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(609)
720-4545
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Media:
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Fraser
Engerman
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(414)
524-2733
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SOURCE Johnson Controls