- Push-out Score determined
- After about a year in the position
- Praise and thanks for Nefkens
- Search for a successor
(exechange) — Austin, Texas, December 2, 2019 — Mike Nefkens, chief executive of Resideo, leaves — as “mutually agreed.” As announced by Resideo Technologies Inc. in a news release and in a regulatory filing published on Monday, December 2, 2019, Michael G. (Mike) Nefkens leaves his post as Chief Executive Officer at the provider of home comfort and security solutions after about a year in the role.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.5 years, according to data compiled by exechange. On an accumulated basis, around 14% of the CEOs who announced their departure over the past 12 months left their posts within two years, and 24% left their posts within three years.
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.
Resideo will undertake a search for a successor.
“To position the company for long-term success and enhance shareholder value”
Mike Nefkens’s departure from the CEO post is explained as follows. Resideo said: “Resideo Technologies, Inc. (NYSE: REZI), a leading global provider of home comfort and security solutions, today announced a number of actions to position the company for long-term success and enhance shareholder value.”
Precise information regarding Mike Nefkens’s future plans was not immediately available.
“A transition, which will allow Mike to focus on family health issues”
Resideo said: “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.”
Share price decline
The announcement follows a decline in Resideo Technologies, Inc.’s share price of 53% since December 2018.
Chaired by Roger Fradin
Resideo Technologies, Inc. is chaired by Roger Fradin.
In the position of CEO since 2018
Mike Nefkens became CEO of the Company in 2018.
Prior to joining Resideo, Nefkens served as the president and chief executive officer of Honeywell’s Homes Business since May 2018 and has served as a member of the Board since the Spin-Off.
Nefkens served as executive vice president and general manager of Regions & Industries at DXC Technology Company from April 2017 to February 2018.
Nefkens served as executive vice president and general manager of Enterprise Services at Hewlett Packard Enterprise Company from November 2015 to April 2017.
Prior to that, Nefkens performed a similar role at Hewlett-Packard Co. (“HP Co.”) from December 2012 to November 2015, having been appointed to the role in an acting capacity in August 2012.
Previously, Nefkens served as senior vice president and general manager of Enterprise Services in the EMEA region at HP Co. from November 2009 to August 2012.
Nefkens received his bachelor’s degree in finance from Texas Christian University and his M.B.A. from Duke University’s Fuqua School of Business.
He served as a director of Riverbed Technology, Inc. from September 2014 to April 2015.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Resideo and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 49.2019 ($).