SCOTTSDALE, Ariz. — Resideo Technologies, the parent company of ADI Global Distribution and Snap One–is beginning the search for a new CEO following the announcement that president and CEO Jay Geldmacher is retiring from both roles in 2025, according to a company announcement.
Geldmacher will serve in both of his current roles until the company can name a successor, the announcement says. Following this period, Geldmacher will officially retire and transition to a senior advisor role with the company. In the meantime, the company’s board of directors has engaged a nationally recognized executive search firm to find Geldmacher’s replacement.
Geldmacher: Nothing But Pride in Company
Resideo is well-positioned to capitalize on its profitable growth opportunities and generate “durable free cash flow in the future,” the company announcement says.
“I am proud of the company’s achievements, and I want to express my deepest gratitude to the Resideo team,” says Geldmacher in the announcement.
“Over the past four years, we have refocused our product portfolio, substantially improved the cash flow and financial profile of the company, made two transformational acquisitions, entered new markets, and accelerated our new product introduction cadence,” he says. “All of this has created a foundation for future revenue and earnings growth.”
The company also announced that board vice chairman Andrew C. Teich will become chairman, succeeding Roger B. Fradin, who has stepped down from the board after having served as chairman of the board since 2018. Fradin will continue to advice Resideo in a consulting capacity.
Retirement Follows Knockout Earnings for Company
Resideo announced the leadership changes simultaneous to the company’s third-quarter earnings release, which found net revenue growth of 18% year over year, product and solutions gross margin of 42.2%, net income of $11 million, and strong demand for the company’s refreshed Honeywell Home Focus Pro thermostat line.
Geldmacher commented on the integration of Snap One, saying it is progressing well with the teams focused on cross-selling opportunities and cost reduction actions.
Within the ADI business under Resideo, net revenue was nearly $1.2 billion, an increase of $283 million due to the $251 inclusion of Snap One revenue and organic growth of $32 million, or 4%.
ADI delivered year-over-year growth in all key commercial categories including fire, video surveillance, professional audio visual, and datacom, with year-over-year declines in residential construction and AV partially offsetting these gains.
Illustrating further the impact of the $1.4 billion Snap One acquisition earlier this year, the company said ADI selling, general and administrative and research and development expenses were $177 million in 2024, up $76 million compared to prior period including $73 million of Snap One expenses.
