Industrial machine manufacturer Johnson Controls is on the hunt for a new CEO.
The Irish company this week announced George R. Oliver has decided to stand down as CEO, following “substantial progress on its portfolio transformation.”
The company said it has begun its search for the Company's next CEO with the assistance of an executive search firm to help evaluate internal and external candidates.
Oliver has led the Johnson Controls since 2017, when he was appointed CEO and chair of the company. He will remain in the role until a successor is named and will continue to chair of the board once the new CEO is named to allow for a smooth management transition.
He said it had been a "true honor" to serve as CEO, and said: "As we approach the completion of our business transformation and move to the next phase of growth, I believe that now is the right time to begin the process of identifying the next leader of the new Johnson Controls.
"I am confident that Johnson Controls is solidly positioned for its next chapter, and I look forward to supporting the team to help ensure the Company achieves its full potential."
Before becoming CEO, Oliver served as Johnson's president and chief operating officer. Prior to this he worked at security company Tyco, eventually becoming CEO, and joining Johnson Controls as part of a 2016 merger. Before Tyco, he had a 20-year career with GE.
Jürgen Tinggren, Johnson Controls' lead independent director, thanked Oliver for his "unwavering passion, leadership, and commitment to Johnson Controls over the last seven years and since our merger with Tyco."
Tinggren said: "The board will work closely with George to conduct a thorough and comprehensive search to identify the best individual to lead the future of Johnson Controls."
Johnson Controls provides and deploys data center solutions across more than 150 countries. The company acquired Norwegian heat pump provider Hybrid Energy in January last year and formed a dedicated data center solutions business in June.
Last week saw the company announce a deal to sell its Residential and Light Commercial (R&LC) HVAC business in an all-cash transaction to the Bosch Group in an $8.1bn deal. As a result, Johnson Controls is now purely focused on commercial buildings.
