Ingersoll Rand Appoints Industry Vet to Lead Spinoff
CARMEL, Ind. — Ingersoll-Rand (IR) has appointed David Petratis to serve as chairman, president and CEO of Allegion, the $2 billion security company to be created upon separation from IR.
Petratis will focus on the interests of customers, employees and investors to grow the company and create lasting value for the company and its shareholders, according to the company.
Previously as chairman, president and CEO of Quanex, Petratis led the maker of engineered materials and components for building products through one of the construction industry’s toughest economic periods. In addition, his team grew the company organically and through acquisition, creating global product leadership positions.
Prior to joining Quanex, Petratis served as COO and CEO of Schneider Electric North America. During his tenure, he grew the firm’s North American operations by more than $2 billion, doubled its revenue and completed several successful acquisitions. From 1994 to 2003, he served as president of MGE UPS Systems Americas and was named Ernst & Young’s Entrepreneur of the Year in 2000.
Previously, he held key leadership positions at Square D Company, a manufacturer and marketer of electrical power distribution and control systems and services.
Petratis will begin work Aug. 5 and will chair the new board when Allegion becomes a standalone, publicly-traded company, which is expected to occur before year-end.
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