Johnson Controls lifts 2025 profit forecast, names new CEO
Weidemanis, who has held several leadership roles at life-sciences firm Danaher Corp (DHR.N), opens new tab over his 13-year career, will succeed George Oliver, effective March.
The change is part of a succession plan announced in July 2024 following talks with activist investor Elliott Investment, which has built a more than $1 billion stake in the company.
Oliver's retirement was previously announced. He will remain as an adviser until Dec. 31, the company said.
Johnson Controls lifted its 2025 adjusted profit forecast to range between $3.50 and $3.60 per share, compared with its prior forecast of $3.40 to $3.50.
The Cork, Ireland-based company, which provides cooling systems and security infrastructure for data centers, has benefited as companies rush to develop and adopt artificial intelligence models in their operations.
Johnson Controls has also streamlined its business through the divestiture of its portfolio of heating, ventilation, and air conditioning (HVAC) assets.
Weidemanis held executive positions at precision instruments maker Mettler Toledo and electrical equipment maker ABB Ltd.
"Joakim's approach to leading service-oriented businesses aligns well with both the Johnson Controls approach and our end-to-end operating model," said Jürgen Tinggren, lead independent director of the company's board.
Johnson Controls posted fourth-quarter profit of 64 cents per share, compared with analysts' estimate of 59 cents, according to data compiled by LSEG.
For the quarter ended Dec. 31, net sales rose 4% to $5.43 billion, compared with analysts' estimates of $5.29 billion.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
ITV News
3 hours ago
- ITV News
Tech boss quits after viral 'kiss cam' video at Coldplay concert
A tech company says its chief executive has resigned after a video went viral of him cuddling an employee at a Coldplay concert. Andy Byron, the boss of New York-based firm Astronomer, was seen with his arms around Kristin Cabot, the company's chief people officer, on the 'kiss cam' screen at Gillette Stadium in Foxborough, Massachusetts, When they saw themselves on the big screen, the pair quickly separated and attempted to hide their faces. "Whoa, look at these two,' Coldplay singer Chris Martin said. 'Either they're having an affair or they're just very shy." Mr Byron has now quit the data infrastructure company, according to a LinkedIn post from the company on Saturday. Astronomer's board of directors accepted Byron's resignation, according to the LinkedIn post, and will begin searching for its next CEO. The company added: 'As stated previously, Astronomer is committed to the values and culture that have guided us since our founding. "Our leaders are expected to set the standard in both conduct and accountability, and recently, that standard was not met." The data operations company, which was founded in 2018, acknowledged that 'awareness of our company may have changed overnight,' but its mission would continue to be focused on addressing data and artificial intelligence problems. The company on Friday said Astronomer's co-founder and chief product officer Pete DeJoy would serve as interim CEO. Mr Byron's LinkedIn account is no longer public and he was removed from the company's leadership page following the announcement, which now lists co-founder DeJoy as CEO. Mr Byron is still listed on the company's website as a member of the board of directors.
NBC News
4 hours ago
- NBC News
Astronomer CEO resigns after Coldplay 'kiss cam' scandal
Data company Astronomer said Saturday that its CEO has resigned, days after a 'kiss cam' at a Coldplay concert in Massachusetts showed a man and a woman embracing each other before running off and becoming one of the most viral moments of the year. The New York-based tech company said in a statement on X that its CEO Andy Byron 'tendered his resignation, and the Board of Directors has accepted.' Byron was identified by online users as the man in the viral video, with users claiming that he is a married man. However, NBC News has not independently confirmed this or identified the woman. 'As stated previously, Astronomer is committed to the values and culture that have guided us since our founding,' the company said. 'Our leaders are expected to set the standard in both conduct and accountability, and recently, that standard was not met.' The company added that it will begin a search for its next chief executive, while its co-founder and Chief Product Officer Pete DeJoy will service as its interim CEO. Byron did not immediately respond to a request for comment and has not responded to previous inquiries. The debacle began on Wednesday at a Coldplay concert at Gillette Stadium in Foxborough when a 'kiss cam' displayed couples in the audience. When the camera landed on a blond woman and a silver-haired man — later believed by social media users to be Byron — the woman covered her face and the man ducked out of the frame. Coldplay's lead singer, Chris Martin, appeared to poke fun at the awkward moment. 'Oh, look at these two. You're all right,' he said, according to video footage from the concert that circulated widely online. 'You're OK. Oh, what? Either they're having an affair or they're just very shy.' The moment went viral online, with videos of the encounter accruing millions of views across X, Instagram and TikTok, and spawning thousands of memes. On Friday, Astronomer spoke out for the first time since the viral moment, saying in a statement that Byron was placed on leave. The little-known company, which has under 500 employees according to its LinkedIn profile, appeared to address how the fanfare around the 'kiss cam' incident has affected its reputation in its Saturday statement. 'While awareness of our company may have changed overnight, our product and our work for our customers have not,' the company said.
NBC News
7 hours ago
- NBC News
Travelers to the U.S. must pay a new $250 ‘visa integrity fee' — what to know
Visitors to the United States will need to pay a 'visa integrity fee,' according to a provision of the Trump administration's recently enacted One Big Beautiful Bill Act. The fee applies to all visitors who need nonimmigrant visas to enter, and cannot be waived. However travelers may also be able to get the fees reimbursed, according to the provision. Details about the new requirement are scant, which has resulted in 'significant challenges and unanswered questions regarding implementation,' a spokesperson from the U.S. Travel Association told CNBC Travel. However, here is what is known thus far. How much is the fee? The fee will be at least $250 during the U.S. fiscal year 2025, which runs from Oct. 1, 2024, to Sept. 30, 2025. However, the secretary of Homeland Security is free to set the fee higher, according to the provision. Thereafter, the visa integrity fee will be adjusted for inflation. Who must pay the new fee? The 'visa integrity fee' applies to all visitors who need nonimmigrant visas, which includes tourists, business travelers and international students. When is the fee paid? The fee is paid when the visa is issued, according to the provision. Thus, visitors whose visa requests are denied will not be charged. Does the fee replace other visa fees? No, the provision states that the new fee is 'in addition to' other fees, including regular visa fees. 'For example, an H-1B worker already paying a $205 application fee may now expect to pay a total of $455 once this fee is in place,' Steven A. Brown, a partner at the Houston-based immigration law firm Reddy Neumann Brown PC, wrote in a post on his firm's website. Additionally, the fee must be paid on top of a 'Form I-94 fee,' which the One Big Beautiful Bill Act increased from $6 to $24. That fee must be paid by anyone who is required to submit a Form I-94 arrival and departure record, which applies to most travelers. How can travelers get reimbursed? To get their money back, visa holders must comply with the conditions of the visa, which includes 'not accept[ing] unauthorized employment,' and not overstay the visa validity date by more than five days, according to the provision. Reimbursements will be made after the travel visa expires, it says. What isn't known The fee has not yet been implemented, according to Brown. It is not clear when it will begin. 'I believe it would need a regulation, or at least a notice in the Federal Register, regarding implementation on collection,' said Brown. It is also unclear how travelers will pay the fee, the U.S. Travel Association told CNBC. 'The bill directs the DHS Secretary to charge the fee, but DHS does not own the visa application, issuance or renewal process — so where and when would DHS collect the fee?' the spokesperson said. In response to CNBC's enquires, a Department of Homeland Security spokesperson said: 'The visa integrity fee requires cross-agency coordination before implementation.' More questions surround how and when the reimbursement process kicks in. Since many visas are valid for several years, the U.S. Congressional Budget Office said it expects 'a small number of people would seek reimbursement.' Moreover, 'CBO expects that the Department of State would need several years to implement a process for providing reimbursements. On that basis, CBO estimates that enacting the provision would increase revenues and decrease the deficit by $28.9 billion over the 2025‑2034 period.' Brown said he is advising clients to treat the fee as nonrefundable. 'If you get it back, great. But it is usually difficult to get money back from the government,' he said. 'I would rather them view it as a 'bonus' if they get the refund.' The purpose of the fee 'President Trump's One Big Beautiful Bill provides the necessary policies and resources to restore integrity in our nation's immigration system,' a Department of Homeland Security spokesperson told CNBC. Data shows most visa holders comply with their visa terms. For the fiscal years between 2016 and 2022, between 1%-2% of nonimmigrant visitors overstayed their visas in the United States, according to the U.S. Congressional Research Service. However, an estimated 42% of the approximately 11 million unauthorized population living in the United States entered the country legally, but overstayed their period of admission, the data shows. Effect on incoming travelers Brown said the visa integrity fee will likely impact B visa holders — or leisure and business travelers — and international students more than other types of travelers. 'For B visa holders, they may not want to add an additional $250 per person to their trip costs,' he said. The new fee, plus the I-94 fee, come as the United States prepares to host several major events in 2026, including the 'America 250' celebration, in honor of the country's 250th anniversary, and parts of the FIFA World Cup. These hurdles are compounded by problems at Brand USA, the destination marketing organization that promotes inbound travel into the United States, which saw the One Big Beautiful Bill Act slash its funding from $100 million to $20 million. The cuts came after the U.S. Commerce Department fired nearly half of Brand USA's board members in April. In a statement, Fred Dixon, the organization's president and CEO, said it is 'disappointed' with the cuts yet hopeful that the funds will be restored for the fiscal year 2026. 'We remain focused on growing legitimate international inbound travel and the vital boost it provides to the U.S. economy,' he said. Ahead of the passage of the One Big Beautiful Bill Act, U.S. Travel Association President and CEO Geoff Freeman praised the bill's contributions to U.S. infrastructure, air traffic control and border security.
