Nest is definitely not for sale, according to its new CEO.
“My only agenda for Nest is to scale and grow with innovative products,” CEO Marwan Fawaz said in a letter to Nest employees obtained by Nilay Patel at The Verge. “Nest is not for sale, and scaling and innovation aren’t mutually exclusive.”
A source familiar with the matter also told Business Insider that Nest is not for sale.
Speculation about a possible sale has been rampant since last week when CEO Tony Fadell stepped down and Fawaz was named as his successor amid rumors of Nest’s poor financial performance. Fawaz previously served as the head of Motorola Home, which was owned by Google, where he oversaw the sale of the business to Arris. After Fawaz was tapped to lead Nest on Friday, many wondered if he’d been brought in to prep the maker of smart home appliances for a sale.
Read the full letter – including an interesting bit that’s been redacted – on The Verge.