SWORDS, Ireland, December 11, 2019 – Ingersoll-Rand plc (NYSE: IR) today introduced its pure-play climate company, announcing the new company name, strategy and executive leadership team.
The climate company will be named Trane Technologies plc,[1] elevating its market leading Trane® brand and celebrating the power of technological innovation. Trane Technologies will be a global leader in climate control and is expected to trade on the New York Stock Exchange under the ticker “TT.” Through its strategic brands, Trane® and Thermo King®, and portfolio of climate-focused innovations, Trane Technologies 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.”
Lamach added: “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.”
Trane Technologies will continue to aggressively pursue Ingersoll Rand’s previously announced 2030 sustainability targets, designed to create positive impact for society and enable a premier performing company. These commitments include:
- The Gigaton Challenge to reduce customers’ carbon emissions by one gigaton by the year 2030. A gigaton is equivalent to the annual emissions of Italy, France and the United Kingdom combined – or about 2% of the world’s annual emissions.
- Leading by Example to ensure that our operations have a restorative impact on the environment including achieving carbon-neutral operations and zero waste to landfill, and giving back more water than we use in water-stressed areas.
- Opportunity for All in the Trane Technologies workplace, with goals to achieve gender parity in leadership and workforce diversity reflective of our communities. The company reports it will enhance opportunity in its communities through investments in education and workforce development, access to housing and comfort and food and nutrition for under-served populations.
Executive Leadership Team
Trane Technologies’ executive leadership team will be effective January 1, 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 chief operating officer. 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 forits 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;
Evan Turtz, senior vice president and general counsel.
Lamach concluded: “I am looking forward to leading Trane Technologies into the future, backed by this strong leadership team. 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.”
More information about Trane Technologies’ name and strategy can be accessed at www.tranetechnologies.com.
[1] The company name change is subject to shareholder approval and is expected to be effective around the completion of its RMT transaction in early 2020.