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Carrier Global Corporation is a global leader in intelligent climate and energy solutions, focusing on providing differentiated, digitally-enabled lifecycle solutions . The company's operations are divided into three main segments: HVAC, Refrigeration, and Fire & Security . Carrier's product portfolio includes industry-leading brands such as Carrier, Toshiba, Automated Logic, Carrier Transicold, Kidde, Edwards, and LenelS2, offering innovative heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies .
- HVAC - Provides products and services to meet heating, cooling, and ventilation needs, leveraging industry-leading brands to deliver innovative solutions.
- Refrigeration - Focuses on cold chain solutions for food, medicine, and other perishable cargo, ensuring safe and efficient transportation and storage.
- Fire & Security - Includes fire safety and security solutions, although Carrier plans to exit this segment .
| Name | Position | External Roles | Short Bio | Start Date |
|---|---|---|---|---|
David Gitlin ExecutiveBoard | Chairman and Chief Executive Officer | Board Member at The Boeing Company | David Gitlin has been CEO since 2019 and Chairman since 2021. He led Carrier's spin-off from UTC and its transformation into a global leader in intelligent climate and energy solutions. | June 2019 |
Ajay Agrawal Executive | Senior Vice President, Global Services and Healthy Buildings | None | Ajay Agrawal joined Carrier in 2019. He has driven growth in aftermarket services and led sustainability initiatives, including investments in liquid cooling solutions for data centers. | October 2019 |
Francesca Campbell Executive | Senior Vice President and Chief Legal Officer | None | Francesca Campbell joined Carrier in 2021 and became CLO in 2024. She previously worked at Davis Polk & Wardwell in M&A. | 2021 |
Gaurang Pandya Executive | President, HVAC Americas and Commercial HVAC EMEA | None | Gaurang Pandya has been with Carrier for 25 years and became President of HVAC Americas and EMEA in 2024. He has extensive leadership experience in HVAC operations. | 2024 |
Kyle Crockett Executive | Vice President, Controller, and Chief Accounting Officer | None | Kyle Crockett has been CAO since 2020. He previously held leadership roles at General Motors, including Director of Global Business Solutions. | January 2020 |
Nadia Villeneuve Executive | Senior Vice President and Chief Human Resources Officer | None | Nadia Villeneuve has been CHRO since 2015, shaping Carrier's HR strategy and policies. | 2015 |
Patrick Goris Executive | Senior Vice President and Chief Financial Officer | None | Patrick Goris joined Carrier in 2020 as CFO. Previously, he was CFO at Rockwell Automation. He oversees Carrier's financial strategy and compliance. | November 2020 |
Timothy N. White Executive | Senior Vice President and Chief Product Officer | None | Timothy N. White joined Carrier in 2021 as President, Refrigeration, and became Chief Product Officer in 2024. He previously held leadership roles at General Electric and Raytheon. | July 2024 |
Amy Miles Board | Director | Director at The Gap, Inc. and Amgen Inc. | Amy Miles joined Carrier's board in 2025. She is the former CEO of Regal Entertainment Group and has expertise in finance and governance. | January 2025 |
Charles M. Holley, Jr. Board | Director | Director at Amgen, Inc. and Phillips 66; Member of University of Texas at Austin boards | Charles M. Holley, Jr. has been a director since 2020. He is the former CFO of Walmart and brings expertise in finance and governance. | 2020 |
Jean-Pierre Garnier Board | Director | Non-Executive Chairman at Cellectis S.A.; Advisory Board Member at Newman’s Own Foundation | Jean-Pierre Garnier has been a director since 2020. He is a former CEO of GlaxoSmithKline and brings expertise in governance and pharmaceuticals. | 2020 |
John J. Greisch Board | Director | Director at Catalent, Inc.; Non-Executive Chairman at Viant Medical; Board Member at Ann & Robert H. Lurie Children’s Hospital of Chicago | John J. Greisch has been a director since 2020. He is the former CEO of Hill-Rom Holdings and has extensive experience in healthcare and governance. | 2020 |
Max Viessmann Board | Director | CEO of Viessmann Group; Chairman of the Advisory Council of the German Cancer Research Center | Max Viessmann joined Carrier's board in 2024. He is the CEO of Viessmann Group and an angel investor with expertise in sustainability and innovation. | January 2024 |
Michael A. Todman Board | Director | Director at Brown-Forman Corporation, Prudential Financial, Inc., and Mondelez International, Inc. | Michael A. Todman has been a director since 2020. He is the former Vice Chairman of Whirlpool Corporation and has extensive experience in governance and compensation. | 2020 |
Michael M. McNamara Board | Director | Director at Workday, Inc. | Michael M. McNamara has been a director since 2020. He is the former CEO of Flex Ltd. and co-founder of Samara, a backyard home manufacturer. | 2020 |
Susan N. Story Board | Director | Director at Dominion Energy, Inc. and Newmont Corporation | Susan N. Story joined Carrier's board in 2023. She is the former CEO of American Water Works and has expertise in sustainability and governance. | January 2023 |
Virginia M. Wilson Board | Director | Director at Charles River Laboratories International, Inc.; Trustee at Catholic Charities of the Archdiocese of New York | Virginia M. Wilson has been a director since 2020. She is the former CFO of TIAA and Wyndham Worldwide and has expertise in finance and governance. | 2020 |
- Given the anticipated decline of 15% in light commercial HVAC in Q4 due to inventory adjustments, how do you plan to manage channel inventory levels to avoid impacting sales next year?
- With your strategy to price R-454B units 10% higher than R-410A units amid the SEER transition, how confident are you that this price increase won't negatively affect demand or market share, especially considering potential competitor pricing actions?
- You mentioned targeting over $200 million in cost synergies from the Viessmann acquisition by 2026; can you provide more details on the specific initiatives to achieve these synergies and the risks that could prevent you from realizing them?
- Given that organic orders are up over 20% despite headwinds in residential and light commercial HVAC in Europe and China, how sustainable is this growth, and what strategies do you have in place to mitigate these regional market challenges?
- Regarding the anticipated AFFF settlement and the potential to collect beyond the initial $615 million, what are the remaining liabilities, and how might they impact your future financial performance and ability to invest in key strategic areas?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Viessmann Climate Solutions (VCS Business) | 2024 | Acquisition completed on January 2, 2024, with a $14.2 billion deal structure comprising $11.2 billion in cash and 58,608,959 shares valued at $3.0 billion; the move is aimed at leveraging growth trends in electrification and energy transition while integrating the VCS Business into Carrier’s HVAC segment for operational synergies. |
Toshiba Carrier Corporation (TCC) | 2022 | Acquisition completed on August 1, 2022 for a majority stake valued at approximately $900 million (with Toshiba retaining a 5% interest), funded through a Japanese Term Loan Facility and cash on hand; this acquisition strengthens Carrier’s position in fast-growing markets such as VRF and light commercial HVAC, contributing roughly $800 million in incremental sales. |
Recent developments and announcements about CARR.
Earnings
New Earnings (Q4 2024)
·Feb 11, 2025, 5:12 PMView full earnings summary →CARR's Q4 2024 shows robust upside: data center sales doubling from $0.5B to $1B (~15% of total) and residential HVAC up 35%. But watch potential Mexico tariffs pressuring margins. Strong demand persists; keep an eye on pricing power.
Press Releases
Press Release
·Feb 12, 2025, 1:49 AMView full press release →Carrier Global launches Carrier QuantumLeap, an integrated suite for data center thermal management—from chip to chiller. It targets a market projected to reach $20B by 2029 and boosts cooling efficiency by 30% over previous systems.