AUSTIN, Texas, Dec. 2, 2019 /PRNewswire/ -- Resideo
Technologies, Inc. (NYSE: REZI), a leading global provider of home
comfort and security solutions, today announced a number of actions
to position the company for long-term success and enhance
shareholder value.
CEO Transition and Search Process
The company's president and CEO, Mike
Nefkens, and the board have mutually agreed to a transition,
which will allow Mike to focus on family health
issues. Nefkens has agreed to continue until his successor is
appointed, at which time he also will step down from the board of
directors. Nefkens will be supported by Andy Teich, the company's lead independent
director, through the transition period. The Resideo board of
directors is conducting a search for the company's next CEO with
the assistance of leading independent search firm Russell Reynolds
Associates.
Roger Fradin, chairman of the
board of Resideo, said: "Resideo has a strong foundation to build
on, with industry-leading distribution, innovative products and
services, deep relationships with professional installers and
expansive reach across our industry. As we advance our operational
and financial transformation to enhance long-term shareholder
value, we believe now is the right time to transition leadership of
the company. We thank Mike for his hard work and appreciate his
continued support of an orderly transition."
Board Strategic & Operational Committee
Resideo's board has formed a Strategic & Operational
Committee focused on market strategy, gross margin improvement and
G&A simplification. The committee will directly oversee the
company's previously announced operational and financial review.
The review is designed to create a more efficient and profitable
Resideo, building on the strength of its franchise. Resideo has
retained industry-recognized experts in supply chain optimization
and organizational excellence to assist in the review. The company
plans to provide an update on the review in conjunction with the
announcement of its fourth-quarter and full-year 2019 results,
expected in February 2020.
The Strategic & Operational Committee also will provide
focus and insight to the management team, particularly during the
CEO transition period.
The Strategic & Operational Committee is chaired by Teich,
the board's lead independent director. Prior to joining Resideo's
board, Teich was president and CEO of FLIR Systems Inc., a public
multinational company focused on the development of innovative
imaging and sensing products and technologies for military,
industrial and commercial applications.
Teich said: "The board and I are committed to ensuring Resideo
continues to simplify its operations while enhancing
competitiveness and profitability, and focusing on the execution of
its core business, which we believe will deliver substantial value
for shareholders. We intend to work closely with and oversee
management during this important transitional period, drive all
aspects of the operational and financial review, and ensure that
results and recommendations of the review are promptly
implemented."
New Independent Director
Resideo is committed to continuing to refresh its board of
directors and has announced the appointment of Brian Kushner as a new independent director,
effective immediately. Kushner brings decades of experience leading
corporate transformation efforts, having served in roles that
include chairman, director, chief executive officer and chief
restructuring officer at more than 30 public and private companies.
He currently serves as senior managing director and leader of the
Private Capital Advisory Services practice at FTI Consulting.
Kushner said: "It is exciting to join the board at this critical
time in the company's transformation. With its leading connected
home technology portfolio and its commitment to improving
operational performance, I believe Resideo has tremendous potential
to drive consistent, profitable growth and create long-term
shareholder value."
Reaffirmation of 2019 Guidance
The company also announced the reaffirmation of its full-year
2019 guidance, updated on Nov. 6, of
GAAP revenue growth of 2% to 4% and adjusted EBITDA in the range of
$330 million to $350 million.
About Resideo
Resideo is a leading global provider of critical comfort and
security solutions primarily in residential environments, and
distributor of low-voltage electronic and security products.
Building on a 130-year heritage, Resideo has a presence in more
than 150 million homes, with 15 million systems installed in homes
each year. We continue to serve more than 110,000 contractors
through leading distributors, including our ADI Global Distribution
business, which exports to more than 100 countries from more than
200 stocking locations around the world. Resideo is a $4.8 billion company with approximately 13,000
global employees. For more information about Resideo, please visit
www.resideo.com.
Contacts:
|
Media:
|
Investors:
|
Trent
Perrotto
|
Bob Ryder
|
(512)
726-3512
|
(737)
471-0267
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trent.perrotto@resideo.com
|
investorrelations@resideo.com
|
About Brian Kushner
Kushner is a senior managing director at FTI Consulting. He has
significant experience and proven expertise in corporate
performance, including strategy, M&A, go-to-market planning,
revenue enhancement, cost cutting, supply chain management, digital
and social marketing strategy and complex restructuring.
Kushner has served as a board member and executive at more than
30 public and private companies, including as the CEO of four
telecom companies, two software companies and a defense contractor,
and as co-founder of CXO, L.L.C., a management consulting company
that was acquired by FTI Consulting in 2008. Kushner currently
serves as a board member and chair of the Audit Committee at
Cumulus Media and at Mudrick Capital Acquisition Corporation. He
previously served on the board of Luxfer Holdings, PLC, where he
was a member of the Audit Committee and chair of the Remuneration
Committee.
Kushner holds a B.S., M.S. and Ph.D. in Applied &
Engineering Physics – the latter with a minor in Electrical
Engineering, all from Cornell
University.
Forward-Looking Statements
This release contains "forward-looking statements." All
statements, other than statements of fact, that address activities,
events or developments that we or our management intend, expect,
project, believe or anticipate will or may occur in the future are
forward-looking statements. Although we believe forward-looking
statements are based upon reasonable assumptions, such statements
involve known and unknown risks, uncertainties, and other factors,
which may cause the actual results or performance of the company to
be materially different from any future results or performance
expressed or implied by such forward-looking statements. Such risks
and uncertainties include, but are not limited to, those described
under the headings "Risk Factors" and "Cautionary Statement
Concerning Forward-Looking Statements" in our Annual Report on Form
10-K for the year ended Dec. 31, 2018
and our Quarterly Report on Form 10-Q for the quarter ended
Sept. 30, 2019 filed with the
Securities and Exchange Commission ("SEC"). You are cautioned not
to place undue reliance on these forward-looking statements, such
as our expectations regarding the CEO transition and the
commencement, progress and results of the comprehensive operational
and financial review, each of which speak only as of the date of
this release. Forward looking statements are not guarantees of
future performance, and actual results, developments and business
decisions may differ from those envisaged by our forward-looking
statements.
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SOURCE Resideo