Ingersoll-Rand Plc (IR) Monday said Patrick Shannon would serve as senior vice president and chief financial officer, and Barbara Santoro would serve as senior vice president and general counsel for the new, standalone global security company to be created upon its separation from Ingersoll Rand later this year.
On December 10, Ingersoll Rand announced a plan to spin off its combined commercial and residential security businesses, leading to two standalone companies.
One of them is Ingersoll Rand - a leader in creating comfortable, sustainable and efficient environments through its industrial, transport refrigeration, and heating, ventilation and air conditioning businesses.
The other - a new security company - will be a provider of electronic and mechanical security products and services.
Ingersoll Rand expects the transaction, which is intended to be tax free to shareholders, to be completed by the end of this year.
As chief financial officer, Shannon will set the financial strategy, plans and policies for the new security company. He will be a key member of the senior management team and will provide counsel on the accounting, audit, financial analysis, investor relations, tax and treasury functions to the executive leadership team and the Board of Directors.
Shannon is currently vice president and treasurer for Ingersoll Rand. Previously, he was vice president of audit services.
As general counsel, Santoro will lead the strategy and execution of legal matters, including compliance, acquisitions and divestitures.
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