Johnson Controls Names New Chairman/CEO, Declares Dividend

Johnson Controls will soon have a new man occupying its chief executive's throne and leading its board. The company announced it has appointed Alex Molinaroli to be president, CEO, and chairman. He will take up the two former positions on October 1, and become chairman on January 1 of next year. He will replace outgoing Chairman and CEO Stephen Roell, who will retire on December 31. Roell will remain chairman until then.

Molinaroli has been with Johnson Controls since 1983 and is currently vice chairman of its board.

The company also declared its latest quarterly common stock dividend. The $0.19 per share will be paid on October 2 to shareholders of record as of September 6. That amount matches each of its previous three distributions, the most recent of which was paid at the beginning of this month. Prior to that, Johnson Controls handed out $0.18 per share.

The just-declared dividend annualizes to $0.76 per share. That yields 1.9% at the firm's most recent closing stock price of $41.07.

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