Johnson Controls CEO Molinaroli Will Step Down Ahead of Initial Succession Plan
George Oliver, who was chairman of Tyco Int’l when the two firms announced their merger last year, will become CEO and a board member.
MILWAUKEE — Alex Molinaroli will resign from his role as CEO of Johnson Controls (NYSE: JCI) Sept. 1, six months earlier than originally planned, the company announced.
Molinaroli also will leave the JCI board of directors, which he chairs, at the same time — 18 months earlier than originally envisioned.
Assuming both roles will be George Oliver, who currently serves as president and COO. Oliver was chairman of Tyco Int’l when the two firms announced their merger agreement last year.
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 JCI board of directors, effectively immediately. Separately, the company announced that Jeffrey A. Joerres has stepped down from the board of directors.
“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,” says 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.”
Since completing the Tyco merger, Oliver says, the company has been executing a vigorous integration plan to maximize the skill sets and capabilities of the combined company as it develops solutions to better meet end-user 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,” Oliver says. “I would like to thank Alex for his direction and partnership, both before and during this critical year of change.”
Molinaroli became CEO and president of Johnson Controls in October 2013 and chairman the following January.
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