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Rockwell Automation Inc ROK

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We Were Surprised by Rockwell’s New CFO Hire of a Familiar Face in the Industrial World

Joshua Aguilar Equity Analyst

Analyst Note

| Joshua Aguilar |

In an announcement that, candidly, surprised us, wide-moat-rated Rockwell Automation announced that it is hiring former 3M CFO Nick Gangestad as its CFO. While Gangestad is still young in his mid-50s, we were surprised by the announcement as he had retired as 3M CFO and spent his entire career of 35 years with the company. We simply figured he would stay permanently retired. We anticipated that the company would search externally after naming Steve Etzel, former head of investor relations, as its interim CFO. Rockwell seemed to telegraph this given Etzel’s limited appearance at its most recent investor day. However, we figured it would retain the services of a CFO from either the software space or one that regularly dealt with navigating multiple joint ventures or strategic alliances.

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Company Profile

Business Description

Rockwell Automation is a pure-play automation competitor that is the successor entity to Rockwell International, which spun off its former Rockwell Collins avionics segment in 2001. As of fiscal 2021, the firm operates through three segments--intelligent devices, software and control, and lifecycle services. Intelligent devices contains its drives, sensors, and industrial components, software and control contains its information and network and security software, while lifecycle services contains its consulting and maintenance services as well as its Sensia JV with Schlumberger.

Contact
1201 South Second Street
Milwaukee, WI, 53204
T +1 414 382-2000
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Dec 31, 2020
Fiscal Year End Sep 30, 2021
Stock Type Cyclical
Employees 23,500

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