Nest founder Tony Fadell quits as CEO
June 7, 2016
Tony Fadell, CEO of smart thermostat company Nest, has left the company that he founded. Former Motorola executive Marwan Fawaz is joining Nest as the company’s new CEO. Nest was launched in October 2011.
“While there is never a perfect time to transition, we’ve grown Nest to much more than a thermostat company,” said Fadell in a blog post. “We’ve created a hardware plus software plus 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.”
He said that the future of Nest was “equally as bright given the strong and experienced leadership team in place”, as well as the two-year product roadmap.
“Although this news may feel sudden to some, this transition has been in progress since late last year and while I won’t be present day to day at Nest, I’ll remain involved in my new capacity as an advisor to Alphabet and Larry Page,” he said. “This will give me 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. We should all be disrupters.”
Fadell founded Nest with Matt Rogers six years ago.
“Neither one of us imagined the company and products would take off as quickly as they did,” he said. “We hit the ground running and – along with the rest of the Nest team – haven’t paused since.”
Nest revenue has grown in excess of 50 per cent year-over-year and, today, millions of people in more than 190 countries use Nest products, which include hardware, software, services and the Nest-backed Thread wireless protocol. In 2015 alone, it shipped four new hardware products and five app releases, and the Nest Learning Thermostat Third Gen reached the one million unit milestone in half the time as the previous generation.
More than 18,000 developers are now building their own products and services on its platform, and more than 12,000 retail stores carry its thermostats, smoke and CO alarms and cameras.
“Considering that when Nest launched less than five years ago, connected home sections didn’t exist at retail, it isn’t an understatement to say that the connected home went mainstream because of Nest,” he said. “We’ve delivered ground-breaking technology and design, received consistently high marks from customers, and achieved double-digit growth for over four years.
Replacement Marwan Fawaz used to run Motorola’s home division.
“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,” said Fadell. “I have no doubt that the company will continue to flourish under his guidance and can’t wait to see the innovations currently in development brought to market.”