Last updated on March 17th, 2020 at 01:37 pm
Johnson Controls International plc has named chief financial officer Brian Stief vice chairman of the company ahead of his retirement in December 2020.
In the vice chairman role, Stief will serve as an advisor to George Oliver, chairman and CEO of JCI, while also continuing his CFO responsibilities. The position does not put him on the company’s board.
Stief joined JCI in 2010 and was named CFO in 2014. Oliver said he’s been a valued member of the company’s management team who has made significant contributions to its success.
“He has been a true partner over the last several years and has played an integral role in setting and achieving our strategic and financial commitments,” Oliver said. “As Brian completes his last year as our chief financial officer, I welcome him to the vice chairman role in recognition of all his efforts and look to his leadership for an orderly and smooth transition when his successor is announced.”
Stief plans to retire on Dec. 31, 2020 after his previously announced retention agreement expires.
In September 2017, JCI reached an agreement with Stief that called for him to delay his retirement and terminate his change-of-control agreement. The latter agreement would have allowed Stief to leave the company following its merger with Tyco International with a $12 million payment. The 2017 agreement awarded Stief a stock package valued at the time at $20 million.
The JCI board is now beginning the process of finding a successor, including an external search. Stief will participate in the process and help facilitate the leadership changeover, the company said.