Nov. 11, 2013: Ingersoll Rand Changes Segment Reporting to Align with Reorganization
New Structure Said to Increase Focus on Growth and Reduce Overhead Cost
The financial reporting segments correspond to the company’s new organization design that was restructured to increase focus on growth and reduce overhead cost.
“Over the last six months we conducted a rigorous assessment of the company’s strategies and looked at what it will take for us to accelerate growth,” said Michael W. Lamach, chairman and chief executive officer. “Our review led us to design a structure that provides our businesses with the flexibility, appropriate investment, and accountability to grow successfully. The new structure also reduces complexity and costs, builds on our successful operational excellence philosophy, and optimizes common assets.”
The Climate segment now includes commercial and residential HVAC, and the transport solutions business. The Industrial segment remains unchanged.
Didier Teirlinck has been named executive vice president Ingersoll Rand, Climate Segment. Robert Zafari has been named executive vice president Ingersoll Rand, Industrial Segment.
Teirlinck has served as the president of the Climate Solutions sector since it was formed in 2009. Teirlinck joined Ingersoll Rand as the president of Climate Control – Europe in 2005, and was promoted to president of the entire sector in 2008.
Zafari has served as the president of the Industrial Technologies sector since 2010. He has 13 years of experience with Ingersoll Rand and has served as president of Climate Solutions Europe, Middle East, India and Africa (EMEIA), president of Trane EMEIA, president of Security Technologies EMEIA and president of Compact Vehicle Technologies Europe Middle East and Africa (EMEA).
“I look forward to working with Didier and Robert to exceed customer expectations, build high-performing teams, and deliver shareholder value,” said Lamach.
As a result of this restructuring, the company expects to incur a charge of approximately $0.15-$0.20 per share to occur within the next two quarters.
For more information, visit www.ingersollrand.com.
Publication date: 11/11/2013