Fortive (FTV) has provided an announcement.
James A. Lico has announced his retirement as President and CEO of Fortive Corporation, coinciding with the spin-off of its Precision Technologies segment into a new public entity, NewCo, expected in late 2025. Charles E. McLaughlin also plans to retire as CFO by early 2025. Fortive’s Board has authorized the spin-off, with Olumide Soroye set to lead Fortive post-spin-off, and Tamara S. Newcombe to become CEO of NewCo. The company reaffirms its financial projections for 2024 and has outlined updated capital allocation strategies ahead of the spin-off, emphasizing a commitment to shareholder value and future growth prospects.
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