09:58 AM EDT, 07/31/2024 (MT Newswires) -- Johnson Controls International ( JCI ) said Wednesday its chief executive and chairman George R. Oliver has informed the board to start its CEO succession plan, highlighting substantial progress in its portfolio transformation.

The company said it has started a search for the next CEO with the help of an executive search firm to evaluate both internal and external candidates.

Oliver will remain as chairman and CEO until a successor is appointed and will continue as board chair afterward to ensure a smooth transition, the company said.

Shares of Johnson Controls ( JCI ) were up nearly 6% in recent early Wednesday trading.

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