Johnson Controls Appoints Joakim Weidemanis as CEO, Boosts 2025 Profit Forecast
Johnson Controls International has named Joakim Weidemanis as its new Chief Executive Officer (CEO) and upgraded its 2025 profit outlook. The announcement, made on Wednesday, sent the company's shares soaring by nearly 8% premarket.
Weidemanis, a veteran of life-sciences firm Danaher Corp., will succeed George Oliver in the CEO role effective March. His appointment aligns with the succession plan outlined in July 2024 following discussions with activist investor Elliott Investment, which holds a significant stake in the company.
Oliver, whose retirement was previously disclosed, will continue as an advisor until December 31.
Johnson Controls also adjusted its 2025 adjusted profit forecast to range from $3.50 to $3.60 per share, an increase from its earlier range of $3.40 to $3.50.
The company, headquartered in Cork, Ireland, specializes in cooling systems and security infrastructure for data centers. It has benefited from the surge in demand for artificial intelligence models.
Additionally, Johnson Controls has streamlined its business by divesting its HVAC assets.
Weidemanis has previously held executive positions at precision instruments maker Mettler Toledo and electrical equipment manufacturer ABB Ltd.
"Joakim's experience leading service-oriented organizations aligns well with Johnson Controls' approach and operating model," said Jürgen Tinggren, lead independent director of the company's board.
Johnson Controls reported fourth-quarter earnings of 64 cents per share, exceeding analyst estimates of 59 cents. Net sales for the quarter ended December 31 rose 4% to $5.43 billion, surpassing analysts' expectations of $5.29 billion.