Ingersoll-Rand Plc. (IR: Quote) announced David Petratis, current chairman, president and Chief Executive Officer of Quanex Building Products (NX), will serve as chairman, president and CEO of Allegion. Allegion is a $2 billion security company to be created upon separation from Ingersoll Rand.
Petratis will begin work on August 5 and will chair the new board when Allegion becomes a standalone, publicly-traded company, which is expected to occur before year-end, as planned.
Petratis has served as chairman, president and CEO of Houston-based Quanex since July 2008. Petratis served as chief operating officer and then CEO of Schneider Electric North America from 2003-2008. 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 joins two other members of the Allegion executive team named earlier this year: Patrick Shannon, senior vice president and chief financial officer; and Barbara Santoro, senior vice president, general counsel and secretary for Allegion. In addition, Petratis will serve on Allegion's board with five previously named directors: David Burritt, Michael Chesser, Carla Cico, Kirk Hachigian and Luc Oursel.
Allegion is an Irish plc, with its North American corporate center in Carmel, Ind., employing about 7,600 people in 35 countries including 20 production and distribution facilities around the world.
Allegion expects to list its shares on the New York Stock Exchange and use the ticker symbol ALLE.
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by RTT Staff Writer
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