Resideo CEO to step down, board forms strategic review committee
Resideo announced a number of actions to position the company for long-term success and enhance shareholder value. The company's president and CEO, Mike Nefkens, and the board have mutually agreed to a transition, which will allow Mike to focus on family health issues. Nefkens has agreed to continue until his successor is appointed, at which time he also will step down from the board of directors. Nefkens will be supported by Andy Teich, the company's lead independent director, through the transition period. The Resideo board of directors is conducting a search for the company's next CEO with the assistance of leading independent search firm Russell Reynolds Associates. Resideo's board has formed a Strategic & Operational Committee focused on market strategy, gross margin improvement and G&A simplification. The committee will directly oversee the company's previously announced operational and financial review. The company plans to provide an update on the review in conjunction with the announcement of its fourth-quarter and full-year 2019 results, expected in February 2020.