This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Ingersoll Rand Announces David D. Petratis Will Serve As Chairman, President And Chief Executive Officer Of Allegion

Ingersoll-Rand plc (NYSE:IR) announced David (Dave) D. Petratis, current chairman, president and CEO of Quanex Building Products (NYSE: NX), will serve as chairman, president and CEO of Allegion, the $2 billion security company to be created upon separation from Ingersoll Rand. 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, as planned.

“After a thorough and deliberate selection process, the board of directors is pleased that David Petratis will lead the new security company, Allegion,” said Richard J. Swift, Ingersoll Rand’s lead director. “His proven leadership skills, depth of experience and industry knowledge give me the utmost confidence he will lead this company to success.”

Petratis has served as chairman, president and CEO of Houston-based Quanex since July 2008. He 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. Petratis also strengthened the company’s culture around one brand, core values, health and safety. At Allegion, 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.

“Dave has a deep understanding of global manufacturing businesses, distribution, and channel marketing and management,” said Michael W. Lamach, chairman and CEO of Ingersoll Rand. “He is an accomplished leader in the manufacturing and marketing of code-compliant, high-value products that are specified by architects and engineers, and used by commercial and residential builders. I am confident he will bring vision and leadership to help realize Allegion’s full potential in the global safety and security industry.”

Petratis served as chief operating officer and then CEO of Schneider Electric North America from 2003-2008. He grew its 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.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs