Fawaz replaces co-founder Tony Fadell, who has announced plans to leave the Google-owned thermostat maker after six years in charge
Nest Labs-founder and CEO Tony Fadell (pictured, above) has announced plans to step down, being replaced by former Motorola Mobility executive Vice President Marwan Fawaz.
Fadell founded Nest in May 2010, and oversaw the launch of the Internet of Things company’s first smart home device, the Nest Learning Thermostat, 18 months later.
Nest was acquired by Google in 2014 $3.2 billion (£2.2 billion), with Fadell claiming it had seen revenue growth “in excess of 50 percent” a year since it began shipping products in 2011.
In a blog on Nest’s website, Fadell said: “Today, my news is bittersweet: I have decided that the time is right to ‘leave the Nest.’
“While there is never a perfect time to transition, we’ve grown Nest to much more than a thermostat company. 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.
“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.”
He will be replaced by Fawaz, who spent almost a year as EVP at Motorola after it was bought by Google for $12.5 billion.
During his time there, he managed the Motorola Home business, before leaving in March 2014 to become managing partner at Sarepta Advisors.
For a full breakdown of the opportunities in the emerging Internet of Things market, see the upcoming issue (616) of Mobile News magazine, due to come out on June 13