Johnson Controls International PLC Announces Succession Plan for Chief Executive Officer

Johnson Controls International PLC, a global leader in smart, healthy, and sustainable buildings, has recently disclosed the upcoming succession of its Chief Executive Officer (CEO). The company stated in a Form 8-K filing submitted to the Securities and Exchange Commission that Joakim Weidemanis will be succeeding George Oliver as the CEO and principal executive officer.

Weidemanis, aged 55, is set to assume the CEO position on March 12, 2025, following the Annual General Meeting of Shareholders. He brings a wealth of experience, having served as the Executive Vice President of Danaher Corporation, a prominent science and technology company, from 2017 to 2024. Weidemanis’ responsibilities at Danaher included oversight of various business segments, such as the Diagnostics group and operations in China. Moreover, he has held management roles in reputable organizations like Mettler Toledo and ABB Ltd.

In connection with Weidemanis’ appointment, Johnson Controls International PLC outlined the compensation package he will receive. This includes a base salary of $1,500,000, participation in the Annual Incentive Performance Program, and long-term equity incentive awards consistent with those granted to other senior executives. The long-term incentives for fiscal years 2025 and 2026 are structured to align with the company’s practices, featuring performance share units, share options, and restricted share units.

Furthermore, the company detailed the arrangements for George Oliver, the outgoing CEO. Following his retirement from the CEO position, Oliver will continue as the Chairman of the Board of Directors until July 31, 2025. Additionally, he will serve as an advisor to the company from August 1, 2025, to December 31, 2025. Oliver’s compensation will comprise a monthly fee for his advisory services and pro-rated awards under the company’s Annual Incentive Performance Program.

Notably, the company also approved a special retention award for Marc Vandiepenbeeck, the Executive Vice President and Chief Financial Officer, consisting of restricted stock units with a grant date fair value of $5,000,000.

This strategic leadership transition and compensation updates were revealed by Johnson Controls International PLC in compliance with its regulatory obligations, ensuring transparency and clarity for its shareholders and the broader financial community.

For more information, the full Form 8-K filing can be accessed on the SEC’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Johnson Controls International’s 8K filing here.

Johnson Controls International Company Profile

Johnson Controls International plc, together with its subsidiaries, engages in engineering, manufacturing, commissioning, and retrofitting building products and systems in the United States, Europe, the Asia Pacific, and internationally. It operates in four segments: Building Solutions North America, Building Solutions EMEA/LA, Building Solutions Asia Pacific, and Global Products.