Good morning. Carrier Global Corporation, a giant in the manufacturing industry, has been in business for more than 100 years. But the company is showing no signs of slowing down—it’s excelling in growth.
In a new piece, my Fortune colleague Shawn Tully takes a look into Carrier’s success and why CEO Dave Gitlin has been so effective. The Fortune 500 company which offers high-technology heating, air-conditioning and refrigeration solutions, is outpacing tech giants in shareholder returns.
“Put simply, over the four-and-a-half-year period since Carrier shares (CARR) debuted on the NYSE, Dave Gitlin, at age 55, arguably stands as not only the most successful CEO you’ve probably never heard of, but also the most successful industrial CEO in America,” Tully writes.
Gitlin is a 22-year veteran of conglomerate United Technologies (now RTX), where he became the head of the aerospace systems arm. He took the Carrier job when UTC was determined to spin off its HVAC and Otis elevator arms, in mid-2019. In April 2020, Carrier emerged as a public company.
Tully writes: “From Carrier’s entrance as a public company through mid-November 2024, its stock has soared from $13.75 to $75, or 445%, lifting its market cap from $12 billion to $67 billion. Over that span, Carrier has delivered total shareholder returns of 40.1% a year. That record beats Microsoft (25.8%), Alphabet (29.8%), and Apple (34.2%), and until its Trump election rally, closely trailed Tesla (now 62.3%).
“What makes the overhaul so exceptional is that all through the near frenzy of sectors added and axed—he either sold or reached contracts to unload, all the non-core businesses in five separate transactions, at excellent prices—Gitlin posted sterling financial results across the board, driving the epic gains in share price.”
Tully delves into Carrier’s recent purchase of Viessmann Climate Solutions for $13.3 billion, and speaks with Gitlin about his career, leadership advice, and how he once turned down the chance to run Boeing. You can read the complete article here.
Have a good weekend. See you on Monday.
Sheryl Estrada
sheryl.estrada@fortune.com
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The following sections of CFO Daily were curated by Greg McKenna.
Leaderboard
Some notable moves this week:
Robert Ball was promoted to CFO of global retailer Abercrombie & Fitch (NYSE: ANF), effective Nov. 20. He succeeds Scott Lipesky, who has served as the company’s finance chief since 2017 and will remain Abercrombie’s COO after being promoted in May 2023. Ball has been at the company for almost 22 years, most recently in the role of VP of corporate finance, investor relations, and treasury. Previously, he was CFO of the Abercrombie & Fitch and Abercrombie Kids brands.
Ende Li was appointed CFO of Realself, an online marketplace for plastic surgery, dermatology, and other cosmetic treatments. He arrives from beauty startup Peachy, where he served as head of finance. Li spent five years in private equity at Portfolio Advisors after starting his career at Morgan Stanley in investment banking, according to his LinkedIn.
Janesh Moorjani was named CFO at Autodesk, Inc. (Nasdaq: ADSK), effective Dec. 16. Moorjani brings over 20 years of experience. Moorjani has served as CFO Elastic NV, a search AI company, since 2017.
Clio C. Crespy was named EVP and CFO at California Resources Corporation (NYSE: CRC), an energy and carbon management company, effective Jan. 1. CRC’s current CFO Nelly Molina will be stepping down at the end of the year.
Jonathan Douyard was appointed EVP, treasurer, and CFO of Gentherm (Nasdaq: THRM), which makes auto products like heated seats and steering wheels, effective Jan. 1. He will succeed Matteo Anversa, who left the company in September to become CFO of Logitech.
Kevin Krumm was appointed CFO of Flex (Nasdaq: FLEX), a manufacturing services company, effective Jan. 6. He will succeed interim CFO Jaime Martinez, who will remain with the company.
Shawn Munsell was appointed CFO of J&J Snack Foods (Nasdaq: JJSF), the parent company of brands such as Icee, Minute Maid, and Dippin’ Dots, effective Dec. 2. He will succeed Ken Plunk, who is retiring and will support the transition until the end of the year.
Annette van Hoorde was promoted to EVP and CFO of Bladex (NYSE: BLX), a multinational bank established by central banks in Latin America and the Caribbean, effective April 2025. She will succeed Ana Graciela de Mendez, who is stepping down after 34 years at the company.
Big Deal
Black Friday is here, but not all major retailers were optimistic heading into the all-important holiday season. Kohl’s, America’s second-largest department store, is the most shorted public company in the U.S., according to weekly analysis from S&P Global Market Intelligence.
The company based outside Milwaukee overtook Medical Properties Trust, a hospital-focused REIT, for the unwanted top spot. The metric S&P uses to calculate short interest is the percentage of outstanding shares on loan.
Bets against Kohl’s have paid off, with shares shedding nearly half their value in 2024. The stock cratered 17% on Tuesday after the company posted another quarter of flagging sales and lowered its forecast for the year.
A day earlier, the struggling retail giant announced CEO Tom Kingsbury would step down after less than two years in the role. He will be replaced by Ashley Buchanan, a former Walmart executive who currently leads arts and crafts chain Michaels.
Going deeper
Here are four Fortune weekend reads:
“The new ‘land grab’ for AI companies, from Meta to OpenAI, is military contracts,” by Kali Hays
“Israeli tech entrepreneurs and engineers from major companies like Google and Microsoft are seeking refuge in Europe,” by Samuel Burke
“Trump’s victory could make life harder for Hong Kong—and that may be good news for Singapore’s banks,” by Nicholas Gordon
“With stakeholder capitalism pioneers Schwab, Dimon, and Fink nearing retirement, who will carry the torch forward?” by R. Edward Freeman (Commentary)
Overheard
“Tourism, immigration, foreign investment, and public spending have been credited with this economic surge. But as the cofounder of a successful scale-up, I have my own theories on not only how and why our economy hit its stride in recent years but also, more importantly, where we should go from here.”
— Jorge Lluch, cofounder and COO of software company Abacum, wrote in a Fortune opinion piece about why Spain’s startup scene has helped propel the fastest-growing major advanced economy in the world.
