Resideo Technologies Inc., which is being formed from a spinoff of Honeywell’s homes division, has named a chief financial officer, announced its board of directors and chosen an exchange for its stock, it announced Wednesday.
“It is an incredible opportunity to launch a company poised to lead the Internet of Things for the homes market, while benefiting from the rich heritage of such a well-known brand as Honeywell,” Mike Nefkens, CEO and president of Honeywell Homes, said in a prepared statement. “Our products are in 150 million homes, with 15 million more being added each year, thanks to our strong relationship with professional installers and growing DIY options. We have an excellent starting market position from Day One.”
The Morris Plains-based company said Joseph Ragan, who was CFO of Ferroglobe PLC, will be the new company’s executive vice president and CFO.
“I am honored to be part of a proven Resideo management team with transaction and technology experience,” Ragan said in a statement. “We have an attractive financial profile, highlighted by our diversified revenue streams, strong segment profits and limited capital expenditure needs — all in place for Resideo to continue delivering for our customers and our future shareholders.”
Ragan has also served as CFO of Boart Longyear and UNICOM Government Inc.
The company will trade on the New York Stock Exchange, under the symbol REZI.
“With an experienced CFO and skilled board of directors to advise us, we’re ready for our spinoff and success as a standalone company,” Nefkens said.
The Resideo board of directors will be led by Chairman Roger Fradin, the retired vice chairman of Honeywell. It also includes Nefkens and:
- Niccolo De Masi, president of Essential Products Inc.;
- Paul Deninger, executive chairman of IDL Development Inc.;
- Jack Lazar, former CFO of GoPro Inc.;
- Nina Richardson, former chief operating officer at GoPro Inc.;
- Andrew Teich, former CEO and president of FLIR Systems Inc.;
- Sharon Wienbar, former CEO of Hackbright Academy.
Read more from ROI-NJ:
- Honeywell says Homes and ADI spinoff will take ‘Resideo’ name
- Honeywell appoints CEO, president of Homes business
- Honeywell says Transportation Systems spinoff will take ‘Garrett’ name