Johnson Controls CEO Retires after 38 Years
After 38 years of service, John Barth, CEO of Johson Controls, is retiring. Stephen A. Roell has been elected as the new CEO.
The board of directors for Milwaukee-based Johnson Controls announced yesterday that Stephen A. Roell, executive vice president and vice chairman, has been elected chief executive officer effective October 1, 2007. He was also elected chairman of Johnson Controls’ board of directors effective January 1, 2008.
Mr. Roell will succeed John M. Barth, who will retire December 31, 2007. Mr. Barth will continue as a member of the company’s board.
“John has been a truly exceptional leader, and our customers, employees and shareholders have all benefited significantly during his tenure,” said Mr. Roell. “In 2002, when he became CEO, Johnson Controls had sales of just over $20 billion. Through his focus on unparalleled customer service, operational excellence, workforce and supplier diversity, and especially the development of strong leaders across the company, we will end 2007 with sales of approximately $34.5 billion and an unbroken track record of 17 consecutive years of earnings increases. Additionally, Johnson Controls market capitalization has increased from $7 billion to over $22 billion since 2002.
A 25-year veteran of the company, Mr. Roell said that, as CEO, his priorities will remain aligned with the organization’s current direction to further the success of the company: “We will continue to be a iversified multi-industrial company, dedicated to improving comfort, safety and sustainability with innovative products and services for the places where people live, work and travel.”