In the competitive world of industrial leadership, few names stand out as boldly as Dave Gitlin’s. Despite being offered one of corporate America’s most prestigious roles—the CEO position at Boeing—Gitlin chose a different path. Today, he’s celebrated as the most successful industrial CEO in America, leading HVAC giant Carrier Global through a period of unprecedented growth and transformation.
In early 2022, Gitlin set his sights on acquiring Viessmann Climate Solutions, a German family-owned leader in the fast-growing European electrical heating market. Known for its independence and strong leadership under Max Viessmann, the company was famously not for sale. Undeterred, Gitlin embarked on a tireless campaign to win Max over. From a dinner at Viessmann’s Michelin-starred restaurant in Allendorf to relentless pursuit across continents, Gitlin’s approach was as strategic as it was personal. He emphasized the cultural synergy between the two companies, their shared legacy of innovation, and their commitment to green energy. The persistence paid off—Carrier acquired Viessmann for $13.3 billion in January 2024, marking one of the largest deals in the HVAC industry’s history.
Gitlin’s impact extends far beyond acquisitions. Since Carrier became a standalone company in 2020, its performance under his leadership has been nothing short of remarkable. Carrier’s stock price has soared from $13.75 at its debut to $75 by late 2024, a staggering 445% increase. The company’s market capitalization has grown from $12 billion to $67 billion, delivering total shareholder returns of 40.1% annually—outpacing tech giants like Microsoft, Alphabet, and Apple.
Carrier’s financial metrics tell a story of disciplined growth. Revenues have risen 44% since 2020 to a projected $22.5 billion for 2024, while operating margins have improved by nearly three percentage points to 15.5%. Adjusted operating income has grown 16% annually, reaching an estimated $3.95 billion for 2024.
Gitlin’s success lies in his ability to juggle transformation while maintaining operational excellence. He streamlined Carrier’s portfolio, divesting non-core businesses across five strategic transactions. Despite these significant changes, Carrier has consistently delivered strong financial results.
Analyst Deane Dray from RBC Capital Markets describes Gitlin’s leadership as akin to “running a race while juggling a bunch of balls at full stride, and keeping them all in the air.” Gitlin’s achievements did not go unnoticed. In 2021, he joined Boeing’s board, and by late 2023, he was reportedly the top choice to become its CEO. Yet Gitlin turned down the opportunity, opting instead to remain at Carrier. To secure his commitment, Carrier’s board offered him one of the largest retention packages in corporate history, potentially worth $200 million if stock performance continues its upward trajectory.
When asked about his decision, Gitlin modestly deflected, saying, “I was just deeply committed to Carrier.”
Gitlin’s leadership at Carrier demonstrates the power of relentless determination, strategic vision, and unwavering commitment to innovation. By turning down Boeing, he didn’t just cement his legacy at Carrier—he set a new standard for industrial leadership in America. A testament to the opportunities that come with betting on the future of a company and the people who drive its success. Carrier’s transformation under his guidance stands as an inspiration for business leaders across industries, particularly in the dynamic landscape of the South’s growing industrial markets.
