Names ADI and Resideo Leadership Teams and Boards of Directors
Investor Days Scheduled for Mid-July to Provide Details on Resideo and ADI's Go-Forward Business and Value Creation Strategies
Spin-Off on Track for Completion Between Mid-Third Quarter and Mid-Fourth Quarter 2026
SCOTTSDALE, Ariz., May 11, 2026 /PRNewswire/ -- Resideo Technologies, Inc. (NYSE: REZI) ("Resideo" or the "Company"), a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets, today provided an update on its planned spin-off of its ADI Global Distribution business ("ADI"), including:
-- Filing of the Form 10 registration statement (the "Form 10") with the
U.S. Securities and Exchange Commission ("SEC"), a copy of which is
available on the SEC website as well as Resideo's Investor Relations
website;
-- Announcing ADI's leadership team and Board of Directors;
-- Announcing Resideo's leadership team and Board of Directors;
-- Timing for Resideo and ADI Investor Day events in mid-July 2026; and
-- Expected timing for completion of the spin-off between mid-third quarter
and mid-fourth quarter of 2026.
"Today's filing reflects the tremendous progress we have made to launch two industry-leading companies, each extremely well positioned to better serve customers and unlock shareholder value," said Jay Geldmacher, President and CEO of Resideo. "ADI's new leadership team and Board are a highly skilled and diverse group of individuals who will bring deep knowledge of ADI, cross-sector expertise and proven leadership that will help shape ADI's future. Similarly, we have a strong bench of talent at Resideo that will remain in place and lead the company forward following the separation."
Highlights from Form 10, ADI Leadership Team and Board of Directors
The Form 10 highlights how ADI will:
-- Leverage its preeminent platform position as a global specialty
distributor of professionally installed low-voltage products servicing
the commercial and residential markets through a leading omnichannel
go-to-market platform.
-- Deliver on its distinct value proposition with over 500,000 products from
more than 1,000 suppliers, curated through disciplined category
management and reinforced by long-standing relationships with top
suppliers and premier integrators, high product availability and superior
technical sales support.
-- Drive sustained profitable growth and disciplined capital allocation to
fund high-return investments and enable a balanced capital allocation
approach that will initially be focused on deleveraging.
-- Expand upon its strong financial foundation. In fiscal year 2025, ADI on
a carveout basis generated revenue of approximately $4.8 billion, $261
million net loss, $318 million in Adjusted EBITDA, 22.3% gross margin
profit, 5.5% net loss margin, and 6.6% Adjusted EBITDA margin.1
The ADI leadership team will include the following individuals:
-- Robert Aarnes, President and Chief Executive Officer. Mr. Aarnes has
served as President of ADI at Resideo since 2018.
-- Michael Carlet, Chief Financial Officer. Mr. Carlet has served as the
Chief Financial Officer of Resideo since 2024 and previously served as
the Chief Financial Officer of Snap One, which was acquired by Resideo in
2024.
-- Marco Cardazzi, Chief Merchandising Officer. Mr. Cardazzi has been with
ADI since 2011 and currently serves as Chief Merchandising Officer and
previously served as Chief Marketing Officer, Vice President of Global
Marketing and held various leadership roles across merchandising,
marketing, category management and products.
-- Alicia Copeland, Chief Operating Officer. Ms. Copeland has been with ADI
since 2016, currently serving as Chief Operating Officer and previously
as Chief Commercial Officer, Chief Transformation Officer, and Vice
President of Global Operations.
-- Jeannine Lane, General Counsel, Corporate Secretary and Chief Compliance
Officer. Ms. Lane has served as the General Counsel and Corporate
Secretary of Resideo since 2018 and previously held various senior
positions within Honeywell's legal department.
-- James Olender, Chief Information Officer. Mr. Olender joined ADI in 2026
as Chief Information Officer and previously held various executive roles
within GE, including as Chief Information Officer of GE Vernova's Wind
Segment, among others.
-- Nicole Stevens, Chief Accounting Officer. Ms. Stevens joined ADI in 2026
as Senior Vice President of Accounting, and previously served as SVP
Financial Reporting at Amwins, Vice President of Financial Reporting at
Snap One (prior to Resideo's acquisition) and at EY.
The ADI Board will be comprised of the following individuals:
-- Michael Kaufmann will serve as Chairman. Mr. Kaufmann previously served
in numerous executive positions at Cardinal Health, including Chief
Executive Officer and Chief Financial Officer, among others. He is a
seasoned board member and currently serves on the board of MSC Industrial
Direct.
-- Robert Aarnes will serve as a director, in addition to his role as
President and Chief Executive Officer of ADI.
-- William Galvin has over 35 years of experience as a senior executive and
leader in the industrial distribution and supply chain services sector.
Mr. Galvin was most recently President and CEO of Anixter International,
a global distributor of network and security, electrical and electronic
and utility power solutions. He currently serves on the boards of
Integrated Power Services and Engineered & Industrial Solutions. Mr.
Galvin is an operating advisor of CD&R.
-- Christine Gorjanc is a financial expert who has served as Chief Financial
Officer for various companies, including Invitae, Arlo Technologies and
NETGEAR. She has held numerous public company board director roles,
including as Audit Committee Chair, and currently serves on the boards of
Polestar Automotive and Forward Air Corporation.
-- Cynthia Hostetler has 26 years of leadership experience managing large
investment funds (with significant global markets investments), guiding
institutional investors and allocating capital resources for businesses.
She is an experienced board member and currently serves on several mutual
fund boards, including as trustee of Invesco Funds, director of TriLinc
Global Impact Fund and board member of Investment Company Institute. Ms.
Hostetler has served as a director on the Resideo board since 2020 and
effective upon the spin-off, she will resign from the Resideo board.
-- Stephen O. LeClair has decades of experience within the specialty
distribution industry, including senior executive roles across operations,
manufacturing, finance and sales. Mr. LeClair served as Executive Chair
and Chief Executive Officer of Core & Main and previously held senior
operations roles at HD Supply Waterworks, HD Supply Lumber and Building
Materials, HD Supply and within GE Equipment Services. Mr. LeClair
currently serves on the boards of Dycom Industries and AAON.
-- Nathan Sleeper is the Chief Executive Officer of CD&R and chairs the
investment firm's executive committee and is a member of its investment,
operating review and compliance committees. Mr. Sleeper has served on
numerous public company boards and is currently a member of the Columbus
McKinnon Corporation board. Mr. Sleeper has served as a director on the
Resideo board since 2024 and effective upon the spin-off, he will resign
from the Resideo board.
-- Brian Walker has extensive experience in the distribution sector and
currently serves as Senior Vice President, Sales and Onsite Services of
W.W. Grainger and previously held numerous leadership positions within
its sales and supply chain functions.
Resideo Leadership Team and Board of Directors
The Resideo leadership team will include the following individuals:
-- Thomas Surran, President and Chief Executive Officer. Mr. Surran has
served as President of Resideo's Products and Solutions business since
2023.
-- Joshua Foster, Senior Vice President, General Counsel and Corporate
Secretary. Mr. Foster has served as Deputy General Counsel for Resideo
since 2018 and previously spent over a decade at Honeywell in various
capacities within the legal division.
-- Scott Harkins, Senior Vice President of Sales and Marketing. Mr. Harkins
has served as SVP of Resideo's Global Sales since 2020 and previously
spent over 20 years with Honeywell, including as Vice President of
Partner Development for Honeywell Connected Home.
-- Amit Mehta, Senior Vice President of Strategy and Business Operations.
Mr. Mehta has been with Resideo since 2019, and he will continue to lead
strategy, corporate development and operational initiatives for Resideo.
-- Patrick Murray, Senior Vice President of Integrated Supply Chain and
Information Technology. Mr. Murray has been Resideo's Senior Vice
President of Global Operations and Supply Chain since 2018.
-- Ryan Strassburg, Senior Vice President and General Manager of Global
Climate Solutions. Mr. Strassburg currently serves as Vice President and
General Manager of Resideo's Global Climate Solutions business unit and
previously held various leadership positions across Honeywell's sales,
product management, and marketing teams.
-- Scott Ziffra, Senior Vice President of Engineering. Mr. Ziffra has served
as Resideo's SVP of Engineering and Product Management since 2020.
-- Jeff Kutz, Senior Vice President and Chief Accounting Officer. Mr. Kutz
will remain in his role as Resideo's Chief Accounting Officer.
With the assistance of a leading search firm, the Resideo Board has an active search process underway to identify its new Chief Financial Officer.
Upon completion of the spin-off, the Resideo Board of Directors will comprise ten directors:
-- Cynthia Hostetler, Nathan Sleeper and Jay Geldmacher will resign from the
Board.
-- Andrew Campelli, a partner at CD&R, will be appointed to the Board.
-- Andrew Teich will remain in his role as Chairman and all other current
Resideo directors will continue as members of the Resideo Board.
-- Mr. Geldmacher's retirement from Resideo will become effective upon
completion of the separation, after which time, he will serve in an
advisory capacity for six months.
-- Thomas Surran will be appointed as a director, in addition to his role as
President and Chief Executive Officer.
Investor Days
Resideo and ADI will host separate investor days in mid-July in New York City. Members of the leadership teams will provide details on the businesses and outline their respective value creation strategies. Additional information, including dates, webcasts and registration, will be provided in the coming weeks.
Additional Information
Resideo expects the spin-off of ADI to be completed between mid-third quarter and mid-fourth quarter of 2026, subject to final approval from the Resideo Board and other customary conditions.
The planned spin-off of ADI is intended to be tax-free for Resideo and its stockholders for U.S. federal income tax purposes, except for cash that stockholders may receive (if any) in lieu of fractional shares. Consistent with the Form 10 process, the filing is an initial step in an iterative process and is subject to change. Additional information will be included in subsequent Form 10 filings. Future updates to the Form 10 will be filed with the SEC and may be viewed at www.sec.gov filings under ADI Global Distribution Inc.
ADI's common stock is expected to be listed on the New York Stock Exchange under the ticker symbol "ADIG".
About Resideo
Resideo is a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets. We are a leader in the home heating, ventilation, and air conditioning controls markets, smoke and carbon monoxide detection home safety and fire suppression products markets, and security products markets. Our solutions and services can be found in over 150 million residential and commercial spaces globally, with tens of millions of new devices sold annually. For more information about Resideo and our trusted, well-established brands including First Alert, Honeywell Home, BRK, Control4, and others, visit www.resideo.com.
Forward-Looking Statements
This press release contains forward-looking statements, including, but not limited to, those regarding the anticipated separation of Resideo Technologies' Products & Solutions and ADI Global Distribution businesses into two independent publicly traded companies, the expected timeline for completing the transaction, the strategic rationale and potential benefits of the separation, the anticipated financial and operational performance of each company following the separation, expected leadership transitions, future capital allocation priorities, growth initiatives, market positioning, and other future events or developments. Forward-looking statements are typically identified by such words as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "project," "should," "will," and similar expressions, although not all forward-looking statements contain these words. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Among the factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements are the possibility that the conditions to the separation may not be obtained or satisfied within the expected timeframe or at all; that the separation may not be completed on the anticipated terms or timing or may not occur at all; that the separation may not achieve the intended strategic, operational, or financial benefits for Resideo, its businesses, or its shareholders; that Resideo may experience operational or other disruptions as a result of the separation, including those relating to information technology systems, business processes, internal controls, customer and vendor relationships, and workforce alignment. Each separated company's ability to succeed as an independent enterprise will depend on numerous factors, including the execution of their respective strategies and plans, access to capital markets, the competitive landscape, and general business and economic conditions. Other risks and uncertainties include, but are not limited to, (1) our ability to achieve our outlook regarding the full year 2026, (2) our ability to recognize the expected savings from, and the timing and impact of, our existing and anticipated cost reduction actions, and our ability to optimize our portfolio and operational footprint, (3) the ability of Resideo to drive increased customer value and financial returns and enhance strategic and operational capabilities, (4) risks and uncertainties relating to tariffs that have been or may be imposed by the United States and other governments, and (5) the other risks described under the headings "Risk Factors" and "Cautionary Statement Concerning Forward-Looking Statements" in our Annual Report on Form 10-K for the year ended December 31, 2025 and other periodic reports as well as risks described under the heading "Risk Factors" of the Form 10 filed with the SEC.
All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks and uncertainties, which may cause the actual results or performance of the Company to differ materially from such forward-looking statements. Forward-looking statements are not guarantees of future performance, and actual results, developments, and business decisions may differ from those envisaged by our forward-looking statements. Except as required by law, we undertake no obligation to update such statements to reflect events or circumstances arising after the date of this press release and we caution investors not to place undue reliance on any such forward-looking statements.
Non-GAAP Financial Measures and Pro Forma Information
This press release includes certain "non-GAAP financial measures" as defined under the Securities Exchange Act of 1934 and in accordance with Regulation G thereunder, including Adjusted EBITDA and Adjusted EBITDA margin, as well as certain pro forma standalone financial information for ADI. Management believes the use of such non-GAAP financial measures assists investors in understanding the ongoing operating performance of the Company by presenting financial results between periods on a more comparable basis. Such non-GAAP financial measures should not be construed as an alternative to reported results determined in accordance with U.S. GAAP. Readers should also consider the limitations associated with these non-GAAP financial measures, including the potential lack of comparability of these measures from one company to another.
"Adjusted EBITDA" represents ADI's net income before interest expense, income tax expense (benefit), depreciation and amortization, adjusted to exclude the effects of unique and/or non-cash items that are not closely associated with ongoing operations, and provides management and investors with meaningful measures of our performance that increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying profitability factors. "Adjusted EBITDA margin" is calculated as Adjusted EBITDA as a percentage of revenue.
The standalone financial information presented for ADI in this press release has been derived from the consolidated financial statements and accounting records of Resideo and reflects certain assumptions and allocations. The pro forma standalone financial information includes all revenues and costs directly attributable to ADI, as well as allocations of certain corporate expenses. These allocations may not be reflective of the actual expenses that ADI would have incurred as an independent, publicly traded company or of the costs it will incur in the future. For additional information regarding the basis of presentation, please see the Form 10 filed with the SEC.
The following table provides a reconciliation of net (loss) income and net (loss) income margin, the most closely comparable GAAP financial measures, to Adjusted EBITDA and Adjusted EBITDA margin:
ADI's Adjusted EBITDA and Adjusted EBITDA margin
2025
--------
Net revenue $ 4,784
Net (loss) income $ (261)
Net (loss) income margin (5.5) %
Provision for income taxes 11
-------
Income before taxes (250)
Depreciation and amortization 115
Interest expense 50
Interest income (8)
Indemnification Agreement expense (1) 364
Stock-based compensation expense (2) 24
Restructuring, impairment and extinguishment costs (3) 9
Transaction related expenses (4) 16
Other (5) (2)
-------
Adjusted EBITDA $ 318
=======
Adjusted EBITDA margin 6.6 %
(1) Consists of charges associated with the Indemnification Agreement that
were allocated to the Combined Financial Statements. Refer to Note 10.
Indemnification Agreement within the Combined Financial Statements for
additional information.
(2) Represents non-cash compensation expenses recognized for stock-based
compensation arrangements.
(3) Consists of non-recurring charges associated with restructuring
initiatives as well as non-cash asset impairment charges and the
allocation of debt extinguishment costs associated with third-party debt
instruments.
(4) Represents expenses incurred in 2025 for integration costs related to the
Snap One Acquisition of $9 million and allocated transaction costs
primarily related to third party vendors incurred due to the Spin-off of
$7 million.
(5) Represents amounts included in Other Expense reported on the Combined
Statement of Operations.
Contacts:
Investors:
Christopher T. Lee
Global Head of Strategic Finance
investorrelations@resideo.com
Media:
Garrett Terry
Corporate Communications Manager
garrett.terry@resideo.com
or
Dan Moore, Jim Golden, Tali Epstein
Collected Strategies
Resideo-CS@collectedstrategies.com
(1) This press release includes certain "non-GAAP financial measures" as
defined under the Securities Exchange Act of 1934. See reconciliations of
U.S. GAAP results to adjusted results in the accompanying tables.
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SOURCE Resideo Technologies, Inc.
(END) Dow Jones Newswires
May 11, 2026 06:15 ET (10:15 GMT)
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