Resideo CEO announces retirement

SCOTTSDALE, Ariz. — Resideo Technologies President and CEO Jay Geldmacher has announced his plans to retire in 2025. 

During a conference call to discuss the company’s third quarter 2024 financial results, Geldmacher said he plans to remain CEO until a successor is appointed and after that he plans to serve as a senior advisor to ensure a smooth transition. 

“It’s been my privilege to lead the company for the last four and a half years,” he said. “I’ve been enriched by exceptional colleagues from around the world and I make my decision with gratitude for all we have accomplished together. That includes refocusing our product portfolio, and accelerating new product introduction, improving the financial profile, and executing on two transformational acquisitions, all of which results in Resideo being better positioned for future revenue and earnings growth.” 

Resideo completed its acquisition of Snap One, a provider of smart-living products, services, and software to professional integrators, in June, and has been working to integrate the company into its ADI Global division. 

As an example of refocusing Resideo’s product portfolio and accelerating new product introductions, Geldmacher discussed the company’s new pro series of thermostats.  

“This is consistent with our ongoing focus to introduce a regular cadence of new products and drive future innovation in key categories,” he said. 

During the call, Thomas Surran, president, products and solutions, also highlighted Resideo’s first alert safety products, which have transitioned to the UL 8th edition standard. 

“This standard offers real value to consumers with reduced nuisance alarms and advanced detection of the combustion of synthetic materials such as polyurethane,” he said. 

Resideo’s financials at a glance: 

• Net revenue growth of 18% year-over-year; mid-single-digit organic revenue growth at both ADI and Products and Solutions 

• Products and Solutions gross margin of 42.2%, sixth consecutive quarter of year-over-year improvement 

• Net income available to common stockholders of $11 million; adjusted EBITDA of $190 million, above the high end of outlook range 

• Strong demand for the refreshed Honeywell Home Focus Pro thermostat portfolio, first in a cadence of new product introductions