Johnson Controls (JCI) has announced that George R. Oliver has informed the Board of Directors that it is time to initiate the CEO succession plan following the company's substantial progress on its portfolio transformation, according to a press release. Oliver has led Johnson Controls' business and portfolio transformation since becoming Johnson Controls' chairman and CEO in 2017.

Accordingly, the Johnson Controls Board has begun a comprehensive search for the Company's next CEO with the assistance of a nationally recognized executive search firm to aide in the evaluation of internal and external candidates. Oliver will continue to serve as chairman and CEO until a successor is named and will remain chair of the Board once the new CEO is named to allow for a smooth management transition.

"It has been a true honor to serve as CEO of Johnson Controls. I am proud of the remarkable success we have achieved in recent years to position our company as a pure-play provider of comprehensive solutions for commercial buildings. As we approach the completion of our business transformation and move to the next phase of growth, I believe that now is the right time to begin the process of identifying the next leader of the new Johnson Controls," Oliver said in the press release. "Today, Johnson Controls is a leading provider of technology and solutions that make buildings smarter, creating a one-of-a-kind offering that drives value for customers and shareholders. Following this substantial milestone in our portfolio transformation, I am confident that Johnson Controls is solidly positioned for its next chapter, and I look forward to supporting the team to help ensure the Company achieves its full potential."

"On behalf of the Board, I thank George for his unwavering passion, leadership, and commitment to Johnson Controls over the last seven years and since our merger with Tyco," said Jürgen Tinggren, Johnson Controls lead independent director. "As chairman and CEO, George has successfully led Johnson Controls through a period of significant evolution, with a clear vision to optimize the Company to deliver greater value for our customers, employees, and our shareholders. The Board will work closely with George to conduct a thorough and comprehensive search to identify the best individual to lead the future of Johnson Controls."