Oliver to take over as Johnson Controls CEO 6 months early

By Katherine Michalets - Freeman Staff

August 21, 2017

MILWAUKEE —The change of the top leadership at Johnson Controls International has moved up by six months.

According to a Monday announcement, effective Sept. 1, George Oliver, current president and chief operating officer, will assume the role of chairman and CEO, replacing Alex Molinaroli. The acceleration was unanimously approved by the company's board of directors. Molinaroli, currently chairman and CEO, will leave the company and the board effective Sept. 1.

In addition, Johnson Controls announced Monday that Jurgen 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, effective 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,” Tinggren said in a statement. “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.”

In September 2016, Johnson Controls completed its merger with Tyco, expanding the industrial company’s reach in a deal which has been estimated to be worth more than $14 billion.

"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,” Oliver said in a statement. “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.”