SWORDS, Ireland — Ingersoll-Rand plc introduced its pure-play climate company, announcing the new company name, strategy, and executive leadership team.
The climate company will be named Trane Technologies plc. Trane Technologies is expected to trade on the New York Stock Exchange under the ticker “TT.” Through its brands, Trane and Thermo King, and portfolio of climate-focused innovations, Trane Technologies will create solutions for buildings, homes, and transportation.
“Global megatrends are pushing climate action to the forefront of the world’s agenda,” said Michael W. Lamach, chairman and CEO of the current Ingersoll Rand and of the future Trane Technologies. “We excel where these megatrends intersect with our advanced technologies and powerful innovation. Building on our leadership in sustainability, Trane Technologies will redefine the status quo for our industry and challenge what is possible for our customers and the world.”
“Our focus will be on sustainable businesses that directly address these megatrends and create customer value, a proven business operating system that generates productivity and execution excellence, and a winning culture that empowers people to deliver their best,” said Lamach. “As a global leader in climate markets, Trane Technologies will have greater focus, more targeted investments, and a simplified business model that will allow us to increase speed and agility and deliver value for shareholders, customers and employees.”
Trane Technologies will continue to aggressively pursue Ingersoll Rand’s previously announced 2030 sustainability targets, designed to create positive impact for society and enable a premier performing company.
Trane Technologies’ Executive Leadership Team
Trane Technologies’ executive leadership team will be effective January 1, 2020, in readiness for the close of the Reverse Morris Trust (RMT) transaction, and report directly to Mike Lamach, chairman and CEO.
Dave Regnery has been appointed president and chief operating officer. Regnery currently serves as executive vice president for Ingersoll Rand’s Climate and Industrial segments, overseeing financial and operating performance and reporting to Lamach.
“Dave has done an outstanding job leading both our Climate and Industrial segments over the past two years,” said Lamach. “His success, extensive knowledge of our businesses and operations, and passion for our customers make this expanded role a logical step.”
The following executives will oversee Trane Technologies’ enterprise-wide functions that support its strategy, people, culture, and governance, as the climate company prepares for its separation from Ingersoll Rand, and ensure continuity of leadership within the new company:
- Marcia Avedon, executive vice president and chief human resources, marketing and communications officer;
- Paul Camuti, executive vice president and chief technology and strategy officer;
- Sue Carter, senior vice president and chief financial officer, who, as previously announced, has communicated her planned retirement in conjunction with the RMT transaction close, in early 2020. At that time, she will be succeeded by Chris Kuehn, who currently serves as vice president and chief accounting officer;
- Ray Pittard, leader of the company’s Transformation and execution excellence; and
- Evan Turtz, senior vice president and general counsel.
“I am looking forward to leading Trane Technologies into the future, backed by this strong leadership team,” said Lamach. “Together, we will deliver on our strategy and commitments — for the benefit of our employees, customers and shareholders. We are encouraged by the great progress we are making on closing our transaction and are confident that we are positioning Trane Technologies for success.”
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