Watsco Announces Advisory Board Appointments and Executive Promotion

MIAMI, FLORIDA – (GLOBENEWSWIRE), September 17, 2019 – Watsco, Inc. (NYSE: WSO) – Watsco, Inc. today announced appointments to its Advisory Board as well as the promotion of Barry S. Logan to Executive Vice President – Planning & Strategy.

Watsco’s Board of Directors formed an Advisory Board in March 2019 to provide thoughts, advice, and non-binding recommendations to its Board. Up to six members to the Advisory Board may be appointed with terms of three years. Members of the Advisory Board may include possible future Board members, former Board members and other individuals whom the Board determines may be able to provide valuable insight.

Recent appointments to Watsco’s Advisory Board include:

Terry Myerson

Mr. Myerson was previously a member of the Senior Leadership Team at Microsoft, leading the development of Windows, Surface, Xbox and Microsoft Exchange over his 21-year career there. Mr. Myerson is currently an Operating Executive with The Carlyle Group, a leading private equity firm assisting portfolio companies on the design and execution of their technology strategies. He is also a Venture Partner at Madrona Venture Capital, the Pacific Northwest’s leading venture capital group, where he works with entrepreneurs on the next generation of innovation.

Rachel Wilson

Since April 2017, Ms. Wilson has served as Head of Cybersecurity for Morgan Stanley Wealth Management and Investment Technology. She is responsible for the cybersecurity of wealth and investment management systems and the integrity and confidentiality of client data. Prior to Morgan Stanley, Ms. Wilson spent 15 years at the National Security Agency (NSA), holding several key senior executive level leadership positions.

John Macdonald

Mr. Macdonald is the former President and CEO of Enercare, Inc., one of the largest home service companies in North America. Mr. Macdonald retired from Enercare in 2018 after it was acquired by Brookfield Infrastructure. He presently serves as Chairman of the Board of Parity, Inc., a Toronto-based computer software company using AI to reduce carbon emissions for multi-tenant buildings.

Albert H. Nahmad, Watsco’s Chairman and CEO said: “Watsco is leading the technology revolution in our industry, and our advisory board members bring an incredible variety of experience and insight to the table.”

Watsco also announced the promotion of Barry S. Logan to the position of Executive Vice President–Planning & Strategy. Mr. Nahmad stated: “With more than 26 years of service to the Company, Mr. Logan has been an effective and strategic leader. His skills and expertise have contributed to our growth over the years and his expanded role will offer more opportunities to provide value to our Company.”

About Watsco

Watsco is the largest distribution network for heating, air conditioning and refrigeration (HVAC/R) products with locations in the United States, Canada, Mexico and Puerto Rico, and on an export basis to Latin America and the Caribbean. Watsco estimates that over 300,000 contractors and technicians visit or call one of its 604 locations each year to get information, obtain technical support and buy products. HVAC/R products provide comfort to homes and businesses regardless of the outdoor climate. 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 its competitors as the movement toward reducing energy consumption and its environmental impact continues. This is especially important since heating and cooling accounts for approximately half of the energy consumed in a typical U.S. home. Additional information about Watsco may be found at www.watsco.com.

This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive market, new housing starts and completions, capital spending in commercial construction, consumer spending and debt levels, regulatory and other factors, including, without limitation, the effects of supplier concentration, competitive conditions within Watsco’s industry, seasonal nature of sales of Watsco’s products, the ability of the Company to expand its business, insurance coverage risks and final GAAP adjustments. Detailed information about these factors and additional important factors can be found in the documents that Watsco files with the Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. Watsco assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except as required by applicable law.