Geldmacher succeeds former President and CEO Mike Nefkens who announced he would be stepping down from his role in Dec. 2019. Resideo says 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,” says Roger Fradin, chairman of the board.
“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.”
The company recently reported first-quarter revenues of $1.18 billion, a 3.8% decrease compared to year-ago revenues of $1.22 billion. Within those numbers, consolidated revenue for the ADI Global Distribution and Products & Solutions segments decreased 3% year-over-year on a GAAP basis and 2% year-over-year on a constant currency basis.
In 2019, Resideo saw its stock price fall 42% for the year, from $20.55 per share to $11.93. Over the past year, it has been very active in acquisitions, gobbling up Whisker Labs, Buoy Labs and LifeWhere. These acquisitions have set the company up to trail blaze the custom home installation and security industries into complete home monitoring of electrical usage, smart leak detection and IoT device monitoring in the coming years. It also acquired Herman ProAV on the distribution side to add to the ADI portfolio.