Watsco, Inc. (NYSE:WSO) announced today the appointment of David C. Darnell to the Company’s Board of Directors.
Mr. Darnell is the Co-Chief Operating Officer of Bank of America Corporation and a member of its executive management team. Mr. Darnell started with the bank in 1979 and is now responsible for serving approximately 56 million of the bank’s consumers and small businesses with deposit, lending, card, home mortgage, wealth management and related products and services.
Previously, Mr. Darnell served as the President of Bank of America’s Global Commercial Banking team and the bank’s Middle Market Banking group. He has also been active, and has considerable leadership experience, in the bank’s historical acquisition activities.
Albert Nahmad, Watsco’s Chairman and Chief Executive Officer said: “David is a well-regarded leader that has first-hand experience in buying and building great businesses. He has vast knowledge of and relationships in global capital markets and we also look forward to his contributions and experience in terms of using technology and innovation to enhance customer service.”About Watsco, Inc. Watsco improves indoor living and working environments with air conditioning and heating solutions that provide comfort regardless of the outdoor climate. Our solutions also promote healthier indoor spaces by removing pollutants from the indoor air that can lead to asthma, allergies and reductions in productivity. Furthermore, since heating and cooling accounts for approximately 56% of the energy consumed in a typical United States home, we offer consumers the greatest opportunity to save money on energy by replacing existing air conditioning and heating systems with more energy efficient and environmentally friendly solutions. There are approximately 89 million central air conditioning and heating systems installed in the United States that have been in service for more than 10 years. Older systems often operate below today’s government mandated energy efficiency and environmental standards. Watsco has an opportunity to accelerate the replacement of these systems at a scale greater than our competitors as the movement toward reducing energy consumption and its environmental impact continues. We operate from more than 575 locations in the United States, Canada, Mexico and Puerto Rico, with additional market coverage on an export basis to Latin America and the Caribbean. As the industry leader, significant growth potential remains given that our current revenue run-rate is less than 10% of the estimated $35 billion marketplace in the Americas for HVAC/R products. Additional information about Watsco may be found at http://www.watsco.com.
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