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.