Daikin Applied Americas' CEO Mike Schwartz Announces His Retirement

President and CEO Retires after 11 Years of Leadership

MINNEAPOLIS, June 29, 2022 /PRNewswire/ -- Daikin Applied Americas announced today that President and CEO Mike Schwartz intends to retire from his position at the end of August.

Mr. Schwartz has been the president and CEO of Daikin Applied Americas (DAA), a member of Daikin Industries, Ltd., since September 2011. When he joined, he was charged with transforming a complacent organization into a high performing contender in the marketplace. And since 2011, he's met the challenge with resounding success:

• DAA increased manufacturing capacity by 75%
• DAA doubled the employee base to 4,900 including throughout North, Central and South America
• DAA transformed the company from an equipment manufacturer to a solutions provider by developing a connected solutions business, acquiring interest in software and systems integration companies, and strengthening the sales and service channels

Financially, DAA achieved record bookings, backlog, and revenue, year after year. Mr. Schwartz's success was recognized with a position on the board of parent company, Daikin Industries, Ltd., in 2019.

Among his many accomplishments, Mr. Schwartz is widely recognized among employees for his commitment to people centered management. Under his leadership, DAA has increased vacation time and paid parental leave; prioritized giving back to communities with a volunteerism policy; and launched a company wide diversity and inclusion team to foster a sense of belonging and embrace differences as the fuel for competitive advantage.

"The heart of Daikin's philosophy on people centered management is that the company only grows when our people grow. It's been my ambition to make Daikin Applied a great place to work. We've broken down siloes, enhanced communication, and streamlined processes. We're creating a culture where all team members can feel engaged in our mission. That commitment is evident in our results."

Mr. Schwartz's recent achievement in developing and launching a new strategic framework and operating system positions DAA to triple revenue from 2011 to 2022 and reach the next level of exponential growth in 2025.

Prior to joining Daikin, Mr. Schwartz led the financial turnaround of RathGibson LLC, a privately held manufacturer of precision engineered industrial tubing. He also held key leadership roles at Lennox International from 1997-2005, including President and COO of its Armstrong Air Conditioning business, as well as President and COO of its residential and light commercial business, and Lennox's Heatcraft refrigeration business. Mike started his career in 1981 at Bohn Heat Transfer, which was acquired by Lennox in 1989. Mike is a 1981 graduate of Iowa State University, where he was nominated by his teammates as captain of the football team and earned his Bachelor of Science in Mechanical Engineering.

Mr. Schwartz is working with Daikin Industries' leadership on his succession plan to ensure a smooth transition.

About Daikin Applied Americas
Daikin Applied, a member of Daikin Industries, Ltd., designs and manufactures advanced commercial and industrial HVAC systems for customers around the world. The company's technology and services play a vital role in creating comfortable, efficient, and sustainable spaces to work and live — and in delivering quality air to workers, tenants and building owners. Daikin Applied solutions are sold through a global network of dedicated sales, service, and parts offices. For more information or to locate a Daikin Applied representative, visit www.daikinapplied.com or call 800-432-1342.

About Daikin Industries Ltd.
Daikin Industries, Ltd. is a Forbes 1000 global company with 2021 revenues of nearly $23 billion and more than 88,000 employees worldwide, making it the world's number one air conditioning company. Daikin is engaged primarily in the development, manufacture, sales and aftermarket support of heating, ventilation, air conditioning and refrigeration (HVACR) equipment, refrigerants and other chemicals, as well as oil hydraulic products. Daikin was named one of the world's most innovative companies by Forbes magazine. For more information, visit www.daikin.com.

SOURCE Daikin Applied Americas