The founder and CEO of Nest, Tony Fadell, who created the Nest Learning Thermostat, has announced he is parting ways with the company he built.
In October 2011, the Nest Learning Thermostat was revealed to the world to much applause — applause which has only grown in its volume since then. The Nest Learning Thermostat has gone from strength to strength, and is now in its third generation. A year ago, the company introduced new products, including the second generation Nest Protect smoke and carbon monoxide detector, and the new Nest Cam.
Through all that time, Founder and CEO Tony Fadell has been leading the charge for this new breed of smart technology — a charge which has helped the communicating and smart thermostat market grow into a $1.1 billion industry, and an industry which is predicted to grow in revenue to $4.4 billion in 2025, according to Navigant Research.
In a blog post published earlier this month, Tony Fadell made the announcement that he would be ‘leaving the Nest.’ “While there is never a perfect time to transition, we’ve grown Nest to much more than a thermostat company,” Fadell said.
“We’ve created a hardware + software + services ecosystem, which is still in the early growth stage and will continue to evolve to move further into the mainstream over the coming years.
“The future of Nest is equally as bright given the strong and experienced leadership team in place, as well as the two-year product roadmap we’ve developed together to ensure the right future direction.”
Fadell will remain as an advisor to Alphabet and Larry Page, while having “the time and flexibility to pursue new opportunities to create and disrupt other industries — and to support others who want to do the same — just as we’ve done at Nest.”
“Under Tony’s leadership, Nest has catapulted the connected home into the mainstream, secured leadership positions for each of its products, and grown its revenue in excess of 50% year over year since they began shipping products,” said Larry Page, CEO of Alphabet, the parent company of Google and umbrella under which several of Google’s brightest companies are held. “He’s a true visionary, and I look forward to continuing to work with him in his new role as advisor to Alphabet.”
Marwan Fawaz will be joining Nest as the company’s new CEO. Fawaz has served with a number of technology companies, including Adelphia Communications as its Chief Technology Officer, and Motorola Mobility as its Executive Vice President. According to Fadell, “Marwan’s extensive technology and engineering knowledge, his experience with global service providers, as well as his background in connected home platforms will be valuable in continuing our trajectory, especially in scaling the business, working with our partners, and supporting our enterprise channels.”
“I’m delighted that Marwan will be the new Nest CEO and am confident in his ability to deepen Nest’s partnerships, expand within enterprise channels, and bring Nest products to even more homes,” added Larry Page.
Image Credit: Nest, via Facebook
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