AUSTIN, Texas, May 19, 2020 /PRNewswire/ -- Resideo Technologies, Inc. (NYSE: REZI), a leading global provider of home comfort and security solutions, today announced that the company has appointed Jay Geldmacher as president and CEO and a member of the board of directors, effective May 28, 2020. Geldmacher succeeds Mike Nefkens, whose departure the company announced in Dec. 2019. This leadership transition is the result of a comprehensive search process and follows the company's recently announced board changes, which included the addition of two new independent directors with substantial industry experience.
"Jay is the ideal CEO to lead Resideo forward," said Roger Fradin, chairman of the board of Resideo. "Jay has a long history of operational excellence while delivering profitable growth and value creation in complex technology and manufacturing environments. Like Resideo, he combines an industrial heritage with innovative technology expertise, and under his leadership, we expect the company to refocus on providing world class products and services to our customers. The board is grateful to Mike Nefkens for his contributions during the COVID crisis."
Fradin continued, "Jay joins Resideo at an important inflection point, as we transform the business to better serve our attractive markets. With the support of the board, we are confident Jay will leverage his expertise to further transform the business, position the company to deliver enhanced operational and financial performance and create substantial shareholder value. We look forward to embarking on this exciting new chapter together."
As a 30-year industry veteran, Geldmacher brings to Resideo experience leading a complex industrial and technology spinout, Artesyn Embedded Technologies. Geldmacher has delivered consistent results in both public and private-equity backed companies, combining operational excellence with thoughtful capital allocation to gain market share and grow profits in competitive technology markets. Most recently, Geldmacher was president and CEO of Electro Rent Corp, a leader in testing and technology solutions.
Geldmacher said, "Resideo's great product history, significant markets and long-standing relationships with its channel partners position it not just to compete, but to win. I am eager to build upon the transformation already underway and excited to see what we will do together as a team."
About Jay Geldmacher
Since Sept. 2019, Geldmacher has served as president and CEO of Electro Rent, a Platinum Equity portfolio company. From Nov. 2013 to Aug. 2019, Geldmacher served as president and CEO of Artesyn Embedded Technologies, a joint venture between Emerson Electric and Platinum. Between 2007 and 2013, Geldmacher served as executive vice president of Emerson Electric Company and president of Emerson Network Power's Embedded Computing & Power Group, which designed, manufactured and distributed embedded computing and power products, systems and solutions. From 1996 to 2007, he served in a variety of roles of progressive responsibility at Emerson Electric. Geldmacher currently serves on the boards of directors of Seagate Technology PLC and Verra Mobility, both publicly traded companies. Previously, Geldmacher served on the board of directors of Owens-Illinois, Inc., on the advisory board of Vertiv and the advisory board of the University of Arizona's business school. Geldmacher attended the University of Arizona on a full basketball scholarship where he received a Bachelor of Science degree in marketing, followed by an Executive MBA degree from the University of Chicago.
Resideo is a leading global provider of critical comfort, residential thermal solutions and security solutions primarily in residential environments. 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 professionals 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. For more information about Resideo, please visit www.resideo.com.
SOURCE Resideo Technologies, Inc.