Resideo Technologies Inc., a global provider of home comfort and security solutions, announced a number of actions this week.


The company’s president and CEO, Mike Nefkens, and the board have mutually agreed to a transition, which will allow him 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 independent search firm Russell Reynolds Associates.


“Resideo has a strong foundation to build on, with industry-leading distribution, innovative products and services, deep relationships with professional installers and expansive reach across our industry,” said Roger Fradin, chairman of the board of Resideo. “As we advance our operational and financial transformation to enhance long-term shareholder value, we believe now is the right time to transition leadership of the company. We thank Mike for his hard work and appreciate his continued support of an orderly transition.”


Also, 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 review is designed to create a more efficient and profitable Resideo, building on the strength of its franchise, according to the company. Resideo has retained industry-recognized experts in supply chain optimization and organizational excellence to assist in the 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, in February 2020.


The Strategic & Operational Committee also will provide focus and insight to the management team, particularly during the CEO transition period. The committee is chaired by Teich, the board’s lead independent director. Prior to joining Resideo’s board, Teich was president and CEO of FLIR Systems Inc., a public multinational company focused on the development of imaging and sensing products and technologies for military, industrial and commercial applications.


“The board and I are committed to ensuring Resideo continues to simplify its operations while enhancing competitiveness and profitability, and focusing on the execution of its core business, which we believe will deliver substantial value for shareholders,” Teich said. “We intend to work closely with and oversee management during this important transitional period, drive all aspects of the operational and financial review and ensure that results and recommendations of the review are promptly implemented.”


In an effort to continue to refresh its board of directors, Resideo has announced the appointment of Brian Kushner as a new independent director, effective immediately. Kushner brings decades of experience leading corporate transformation efforts, having served in roles that include chairman, director, chief executive officer and chief restructuring officer at more than 30 public and private companies. He currently serves as senior managing director and leader of the Private Capital Advisory Services practice at FTI Consulting.


“It is exciting to join the board at this critical time in the company’s transformation,” Kushner said. “With its leading connected home technology portfolio and its commitment to improving operational performance, I believe Resideo has tremendous potential to drive consistent, profitable growth and create long-term shareholder value.”


The company also announced the reaffirmation of its full-year 2019 guidance, updated on Nov. 6, of GAAP revenue growth of 2 percent to 4 percent and adjusted EBITDA in the range of $330 million to $350 million.