Lennox International Appoints Joe Nassab as President and COO of North America Commercial Heating & Cooling
Lennox International (NYSE: LII) has appointed Joe Nassab as President and Chief Operating Officer of North America Commercial Heating & Cooling, effective May 4, 2022.
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Rhea-AI Summary
Lennox International (NYSE: LII) has appointed Joe Nassab as President and Chief Operating Officer of North America Commercial Heating & Cooling, effective May 4, 2022. He replaces Elliot Zimmer, who is leaving after 12 years. Nassab brings a proven track record, having led Allied Air to 10% annual revenue growth and 23% earnings growth over the past decade. Despite challenges in production due to labor constraints and supply chain issues, the company aims for operational improvements and growth in the commercial HVAC market.
Positive
- Joe Nassab's leadership expected to enhance growth and profitability in the commercial HVAC sector.
- Nassab has a strong track record, with previous roles resulting in significant revenue and earnings growth.
Negative
- Ongoing labor constraints and global supply chain disruptions affecting commercial equipment production.
Details
News Market Reaction – LII
The recorded move for LII in the trading session of this news was +2.83%.
Data tracked by StockTitan Argus. Session date unavailable.
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DALLAS, May 4, 2022 /PRNewswire/ -- Lennox International Inc. (NYSE: LII), a global leader in energy-efficient climate-control solutions, today announced the appointment of Joe Nassab as President and Chief Operating Officer of North America Commercial Heating & Cooling, effective May 4, 2022.
"After 12 years of service at Lennox International, Elliot Zimmer is leaving to pursue other career opportunities," said Chairman and Interim CEO Todd Teske. "I'd like to thank Elliot for his significant contributions to our company.
"Joe Nassab is an experienced General Manager with a proven track record of success. He joined LII in 2010 as Vice President and General Manager of Allied Air, competing in both residential and commercial markets. Under Joe's leadership, Allied delivered exceptional growth and profitability over the last decade, with revenue growing 10 percent annually and earnings growing 23 percent annually."
Before joining LII, Nassab worked for 20 years at General Electric Company in a variety of general management, product management, and marketing leadership roles. Nassab has a bachelor's degree in finance from the University of Michigan.
"We continue to see strong demand in the commercial HVAC market," Teske said. "While our commercial equipment business is challenged on the production front with labor constraints and global supply chain disruptions, we are taking aggressive actions and seeing signs of operational improvement. With Joe's strong leadership and operating experience, we are focused on returning the Commercial business to growth and expanding profitability toward our intermediate financial goals."
About Lennox International
Lennox International Inc. is a global leader in energy-efficient climate-control solutions. Dedicated to sustainability and creating comfortable and healthier environments for our residential and commercial customers while reducing their carbon footprint, we lead the field in innovation with our air conditioning, heating, indoor air quality, and refrigeration systems. Lennox International stock is listed on the New York Stock Exchange and traded under the symbol LII. Additional information on Lennox International is available at www.lennoxinternational.com or by contacting Steve Harrison, Vice President, Investor Relations, at 972-497-6670.
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SOURCE Lennox International Inc.
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