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Herbert Henkel Resigns As Ingersoll-Rand CEO; Michael Lamach To Succeed - Update

Industrial and commercial products maker Ingersoll-Rand plc (IR), Thursday promoted its President and Chief Operating Officer Michael Lamach to the position of Chief Executive Officer, effective immediately. Lamach succeeds Herbert Henkel, who will remain Chairman of the Board until June 2010, at which time Lamach is expected to succeed him as Chairman.

Richard Swift, lead independent director of Ingersoll Rand's Board and former chairman and CEO of Foster Wheeler, said, "Herb Henkel has successfully transformed Ingersoll Rand into a leading industrial company during his ten-year tenure as CEO. Ingersoll Rand is far more global, better balanced between equipment and services, and less cyclical than it was a decade ago when it consisted of primarily construction and heavy machinery businesses. Herb has built a company capable of higher growth and profit margins, with stronger leaders and talent, and market-leading brands and technology."

Lamach, the newly appointed CEO, joined Ingersoll Rand in February 2004 after 18 years with Johnson Controls in both the automotive and controls businesses where he advanced into leadership roles with greater global responsibilities.

Later, he worked as president of Ingersoll Rand's Security Technologies Sector. Prior to becoming President and Chief Operating Officer of Ingersoll Rand, Lamach was president of Trane Commercial Systems after Ingersoll Rand acquired Trane Inc.

Lamach has also been appointed a member of the Ingersoll Rand Board of Directors and will retain the role of President of the company. He also serves on the Board of Directors of Iron Mountain Inc. (IRM).

Swift said commenting on the appointment of Lamach, "The Board of Directors has elected Mike Lamach Chief Executive Officer recognizing his strong performance as President and Chief Operating Officer during a very difficult economic period globally."

"Mike has demonstrated both operational and strategic understanding of our businesses and has driven strong productivity and cash performance. The Board also appreciates Herb Henkel's willingness to stay on as full-time Chairman and assist with the transition," Swift added.

IR closed Thursday's trading at $33.06, down 1.48 or 4.28%, on a volume of 2.97 million shares on the NYSE.

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