Resideo Technologies, Inc., a global provider of home comfort and security solutions, 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 December 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."
Profit growth in competitive technology markets
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 provider 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."