United States. Emerson reported that its CEO, David N. Farr, retired on Feb. 5. Lal Karsanbhai, who has served as executive chairman of the company's Automation Solutions business since 2018, will become Emerson's new CEO and join the board of directors.
Farr, who was named CEO in 2000 and chairman of Emerson's board of directors in 2004, will remain as chairman until May 4. During his two decades at the helm of the $16.8 billion global company, Farr has led Emerson through multiple strategic evolutions to grow its global company presence, stay ahead of changing market conditions, and promote the organization's capabilities and competitiveness on the world stage.
"David is a tremendous leader who has led the company through difficult times — September 11, the dot-com bubble, the Great Recession and now a global pandemic — with conviction and unwavering faith in Emerson's strength," said Clemens A.K. Boersig, emerson's chief independent director. "Emerson has a long history of strong leaders, and David is only the third CEO in the last 66 years. We wish him all the best in his retirement and are grateful to have his experience in the coming months as chairman of the board."
Under Farr's leadership, Emerson has transformed from a component manufacturing company to a leader in industrial software with a singular purpose that unites nearly 85,000 employees: "We drive innovation that makes the world healthier, safer, smarter and more sustainable." Farr built on the company's long-standing disciplined management strategy, making it one of the few companies to increase its dividend to shareholders for 64 consecutive years.
Karsanbhai, who is currently a member of Emerson's Office of the Chief Executive Officer, leads a business with $11.2 billion in global sales in 2020. The Automation Solutions business offers advanced technologies, software and services to process discrete and hybrid businesses in industries including science, energy, food and beverage and wastewater.
"I am honored by Emerson's board and David's trust in me," Karsanbhai said. "This is an exciting time for the organization as we continue to grow Emerson's global software footprint and expand the company's support to essential industries. I am honored to carry Emerson's legacy of leadership into the future and look forward to working with the Office of the Executive Director to advance these vital goals."
