Johnson Controls (NYSE:JCI) International plc (NYSE:JCI), a leader in the production of air conditioning, heating equipment, and refrigeration for commercial and industrial use, with a market capitalization of $55.29 billion, disclosed in a recent SEC filing that board member Simone Menne will not seek re-election and is set to retire.
Menne's departure from the board will be effective following the company's annual general meeting on March 12, 2025. The company has shown remarkable performance, with a 48% gain year-to-date according to InvestingPro data.
The announcement, filed on Thursday, December 12, 2024, clarified that Menne's decision to retire was a personal one and not due to any disagreements with the company's operations, policies, or practices. The filing did not indicate any immediate plans for a successor or changes to the board's composition following Menne's retirement.
Menne has been a part of Johnson Controls' board of directors, contributing to the governance and strategic direction of the company. Her tenure and experience have been valuable assets to the company, which has a diverse portfolio of products and a global presence.
Johnson Controls has a history of evolution and transformation, having undergone several name changes and reorganizations over the years. The company's origins can be traced back to its former names such as Tyco International plc and Tyco International Ltd, reflecting its dynamic approach to business and market adaptation.
In other recent news, Johnson Controls International has made significant financial strides. The company recently priced an additional $250 million in senior notes due 2032, supplementing the previously issued $400 million of the same. The proceeds are aimed for general corporate purposes, including debt refinancing and potential acquisitions. BofA Securities and US Bancorp (NYSE:USB) have been appointed to manage the offering.
In a similar financial maneuver, Johnson Controls also priced a €500 million senior notes offering due in 2033. This move is part of the company's broader strategy to maintain a robust balance sheet.
Johnson Controls reported a strong fourth-quarter performance for fiscal 2024, noting a 7% increase in orders and a 22% rise in adjusted earnings per share to $1.28. The company projects an adjusted EPS of $3.40 to $3.50 and mid-single-digit organic sales growth for fiscal 2025.
In addition to these financial developments, Johnson Controls announced plans to sell its Residential & Light Commercial segment to Bosch (NS:BOSH) as part of a $400 million restructuring plan. This move aims to achieve $500 million in annual cost savings.
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