Alex Molinaroli will step down as CEO of Johnson Controls International plc on Sept. 1, six months earlier than originally planned, the company said Monday.
Molinaroli also will leave the Johnson Controls board of directors, which he chairs, at the same time — 18 months earlier than originally envisioned.
Assuming both roles will be George Oliver. Oliver was chairman of Tyco International when the Ireland-based firm bought Glendale-based Johnson Controls Inc. last September.
With the purchase, Oliver became president and chief operating officer of the newly created Johnson Controls International.
Molinaroli, who had been CEO and chairman of Glendale-based Johnson Controls Inc., originally was to continue as CEO of the new firm until March 2018, and to remain as chairman until March 2019.
Molinaroli's tenure as CEO has been controversial, including investments in a Ponzi scheme and an extramarital affair with an employee of a consulting firm.
The company also said Monday that Jeffrey Joerres, retired CEO of ManpowerGroup, has left the Johnson Controls board of directors, and that board member Jürgen Tinggren has been named lead independent director.
Joerres had been lead director. The lead director acts as an intermediary between the board and senior management.
In a statement, Tinggren said that with the progress made on the integration of Johnson Controls and Tyco, "this is an opportune and appropriate time” to carry out the planned leadership succession from Molinaroli to Oliver.
“The board has been impressed by George's leadership and oversight of the integration, and we believe accelerating the transition provides clarity and continuity as we move into the next phase and continue to deliver the benefits of the transaction and enhance long-term shareholder value,” Tinggren said.
With the sale to Tyco, Johnson Controls became a company with its official headquarters in Ireland but run from an operating headquarters in Glendale. The firm projected tax savings of roughly $150 million from the move through what’s known as an inversion. Johnson Controls is expected to report $30 billion in sales in its current fiscal year, more than any Wisconsin-based company.
Molinaroli became CEO and president of Johnson Controls in October 2013 and chairman the following January.
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