Blackstone announced that, upon close of the previously announced transaction through which private equity funds managed by Blackstone (“Blackstone”) will acquire a majority stake in Emerson's Climate Technologies business, Ross B. Shuster will become Chief Executive Officer of the new standalone business. The appointment follows an extensive global search process, including external and internal candidates. The close of the transaction remains on track for the first half of the 2023 calendar year.

Mr. Shuster is a veteran executive who brings more than 25 years of leadership experience that will enable the business to unlock meaningful value in its next phase as a standalone company. He has a unique combination of public company HVACR experience from his years at United Technologies /Carrier and Johnson Controls, as well as private company CEO experience at Howden, a leading global provider of mission critical air and gas handling products and services. As CEO of Howden, Mr. Shuster led the company through its carve-out from Colfax and sale to Chart Industries, driving significant growth, repositioning the business, and entering new markets.

Previously, he spent 12 years with United Technologies, holding several leadership positions including as a business unit President within the Climate, Controls & Security Global Business. He also spent more than a decade with Johnson Controls, holding various roles across San Francisco, Los Angeles, Singapore, and Shanghai.