Honeywell Spinoff Resideo Announces Key Leadership and Stock Exchange Selection
MORRIS PLAINS, N.J. — As part of final preparations for its planned spinoff from Honeywell, Resideo Technologies Inc., announced the selection of an experienced chief financial officer, the composition of its full board of directors, and its intention to list on the New York Stock Exchange under the ticker symbol "REZI" when trading begins on a to-be-announced date.
"It is an incredible opportunity to launch a company poised to lead the Internet of Things for the Homes market, while benefiting from the rich heritage of such a well-known brand as Honeywell," said Mike Nefkens, president and CEO of Honeywell Homes, which will become Resideo following the spin. "Our products are in 150 million homes with 15 million more being added each year, thanks to our strong relationship with professional installers and growing DIY options. We have an excellent starting market position from Day 1. Excitement is high to see our REZI ticker symbol debut on the world's premier exchange. With an experienced CFO and skilled board of directors to advise us, we're ready for our spinoff and success as a standalone company."
Joseph Ragan will serve as executive vice president and CFO of Resideo. He was most recently CFO at Ferroglobe PLC, a publicly traded, $2 billion global manufacturer of metal alloys and other metallic products created through a merger of FerroAtlántica and Globe Specialty Metals. Ragan provided leadership during the merger and throughout a significant recapitalization. He previously served as CFO at Boart Longyear, a publicly traded global mining and manufacturing company, and UNICOM Government Inc., previously known as GTSI, a government contractor.
"I am honored to be part of a proven Resideo management team with transaction and technology experience," Ragan said. "We have an attractive financial profile, highlighted by our diversified revenue streams, strong segment profits and limited capital expenditure needs — all in place for Resideo to continue delivering for our customers and our future shareholders."
Additionally, Resideo has named its board of directors. Chairman Roger Fradin will lead a board that brings a variety of experience from successful companies across multiple industries, including technology, electronics, mobile, healthcare and manufacturing.
The Resideo board of directors at the spinoff will be:
- Fradin, chairman, is a management, strategy, and mergers and acquisitions expert who retired as vice chairman of Honeywell in 2017 after 17 years with the company;
- Nefkens, president and CEO of Honeywell Homes, will hold the same positions at Resideo after the spinoff. A seasoned global executive and an authority on transformation and cybersecurity, Nefkens led the successful spinoff-merger of DXC Technology in 2017 and served on the executive team that spun HP's PC printers and software businesses into standalone public companies;
- Niccolo De Masi, an expert in mobile gaming and technology, media and telecommunications, is president of Essential Products Inc., a new consumer electronics company. Additionally, he is executive chairman of Glu Mobile Inc., a mobile gaming leader, where he was previously chairman and CEO;
- Paul Deninger, an expert in emerging technologies and business, is executive chairman of IDL Development Inc., a private company engaged in advanced material science research, and a consultant to Evercore Inc., where he advises leading technology companies on strategies for maximizing value;
- Jack Lazar, a consumer technology expert, has more than 25 years of experience in operational and finance roles at Silicon Valley companies across multiple industries. He previously served as chief financial officer for GoPro Inc.;
- Nina Richardson has more than 30 years of experience in engineering, manufacturing, sales, supply chain management, and global operations. Previously she was COO at GoPro Inc. and vice president and general manager at Flextronics;
- Andrew Teich is an expert in innovation, executive management and business. He served as CEO and President of FLIR Systems Inc. until his retirement in June 2017. Teich is known as the principal innovator of commercial and military thermal imaging; and
- Sharon Wienbar, an experienced operating executive, investor and strategist, is a prominent public speaker and published author on venture capital matters and the #changetheratio diversity effort. From 2015 to 2016, Wienbar served as CEO of San Francisco-based Hackbright Academy.
Honeywell announced the spinoff of its Honeywell Homes and ADI Global Distribution businesses into a standalone, publicly traded company in October 2017. The new company, Resideo, will be a leading global provider of critical comfort and security solutions primarily in residential environments, with a presence in over 150 million homes globally. Its ADI Global Distribution business is the leading wholesale distributor of security and low voltage products. Resideo will use the Honeywell Home brand under a long-term, exclusive license.
Publication date: 9/14/2018