Ingersoll Rand has outlined its strategy and named the executive leadership team of its new climate company, Trane Technologies.
Trane Technologies, according to Ingersoll Rand, will create efficient and sustainable 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.
“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,” he said.
Trane Technologies will pursue Ingersoll Rand's 2030 sustainability targets, designed to create a positive impact for society and enable a premier performing company.
Trane Technologies’ executive leadership team will be effective 1 January 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 CEO. 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. His success, extensive knowledge of our businesses and operations and passion for our customers make this expanded role a logical step,” said Lamach.
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.”
In April 2019, Ingersoll Rand and Gardner Denver announced a definitive agreement whereby Ingersoll Rand would separate its Industrial segment and combine it with Gardner Denver, creating a global leader in mission-critical flow creation and industrial technologies called Ingersoll Rand. Upon the completion of the transaction, the remaining HVAC and transport refrigeration assets of the current Ingersoll Rand will become Trane Technologies, a global leader in climate control technologies for buildings, homes and transportation.