all public info, mostly based off of sec filings by resideo in 2024 and rezi public news
put everything together and it's not hard to figure out what's been happening and what will happen next:
- most core operating functions decentralized to each BU, so much for acting as team
- rezi "buys" snap one for $1.4b, $500m from CD&R
- rezi issues $600m senior notes
- CD&R puts 2 people on the board
- CFO replaced, from snap one (CD&R)
- SEC grants confidential treatment to CD&R, keeping their rezi stock ownership secret
- CEO "retiring"
- chairman of the board "resigned" but still has a consulting gig worth $500k a year, nice to have a relative who's a partner at CD&R
- CD&R looking to increase their stake in rezi to 19.9%
- hedge funds have been loading up on their stakes in rezi, CFO has been going investor conferences
- execs have been cashing out, CEO, CFO, CHRO, GC, CAO, ADI & P&S prezs
- major cost cutting across the board, but margin improvements are still highlighted in earnings, regardless if it's operating or gross
simply google or ask any AI what happens when a PE such as CD&R gets involved with a publicly traded company, there are only so many conclusions one can draw.
who benefits from all this at the end of the day? definitely not the workers who are getting laid off to make this company look like the margins are still improving. those who are sticking around, hopefully the buyer will be more humane.
for now it's a waiting game. hope for the best, whatever that means.