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Johnson Controls speeds up succession at the top

Last updated: 05:34 22 Aug 2017 AEST, First published: 00:34 22 Aug 2017 AEST

Exit sign
George Oliver will take over from Alex Molinaroli

Car batteries and heating & ventilation equipment maker Johnson Controls International PLC (NYSE:JCI) is to speed up the planned changes at the helm of the company.

George Oliver, currently president and chief operating officer, will assume the role of chairman and chief executive officer from the beginning of next month, taking over from Alex Molinaroli.

The change, which was mooted at the time of Johnson's takeover of Ireland-based Tyco International PLC, is happening six months earlier than originally envisaged.

The shares rose 3.3% to US$38.26 on the news.

Jürgen 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, effectively immediately.  Separately, the company announced that Jeffrey 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,” said 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,” he added.

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