New CEO to Take the Wheel at Johnson Controls

Abstract: July 26, 2007 -- Johnson Controls Inc. (JCI) has announced that its current chief executive officer (CEO), John M. Barth, will retire as of 31 December 2007, with the companys current executive vice-president and vice-chairman, Stephen A. Roell, 57, succeeding him. Roell will become CEO on 1 October 2007 and assume the chairmanship of the board of directors on 1 January 2008. Barth will continue to serve on that same board. Before being appointed executive vice-president in 2004 and vice-chairman in 2005, Roell was JCIs senior vice-president and chief financial officer (CFO) from 1991 to 1994. He will become JCIs eighth CEO in the suppliers 123-year history. In a separate move, the company has also announced a three-for-one stock split, which becomes effective on 2 October 2007.Significance: The transition to Roells leadership is likely to be seamless, given his 25 years of experience at the company.

July 26, 2007 -- Johnson Controls Inc. (JCI) has announced that its current chief executive officer (CEO), John M. Barth, will retire as of 31 December 2007, with the companys current executive vice-president and vice-chairman, Stephen A. Roell, 57, succeeding him. Roell will become CEO on 1 October 2007 and assume the chairmanship of the board of directors on 1 January 2008. Barth will continue to serve on that same board. Before being appointed executive vice-president in 2004 and vice-chairman in 2005, Roell was JCIs senior vice-president and chief financial officer (CFO) from 1991 to 1994. He will become JCIs eighth CEO in the suppliers 123-year history. In a separate move, the company has also announced a three-for-one stock split, which becomes effective on 2 October 2007.Significance: The transition to Roells leadership is likely to be seamless, given his 25 years of experience at the company.

Significant changes to JCIs strategy and performance are unlikely, with the management building on Barths legacy of diversifying the company further away from automotive activities. During Barths 2002-07 tenure as CEO at JCI, company sales have risen from US$20 billion to an expected US$34.5 billion in 2007, and market capitalisation has risen from US$7 billion to US$22.4 billion.

Source: Global Insight Daily Analysis
Source: Factiva

More News Items