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Ingersoll Rand Announces Planned Retirement Of CFO Steve Shawley By End Of Year

Ingersoll-Rand plc (NYSE:IR), a world leader in creating and sustaining safe, comfortable and efficient environments, today announced that Steve Shawley, senior vice president and chief financial officer, plans to retire after a distinguished career spanning more than 39 years, including 20 years with Ingersoll Rand and Thermo King, a brand of Ingersoll Rand. The company is conducting a search for his successor. Shawley will continue in his current role until a successor is named and a seamless transition has taken place, which is planned before the end of the year.

“It has been my privilege and honor to know and work with Steve for the past nine years,” said Michael W. Lamach, chairman and chief executive officer. “Steve has been a key part in the company’s growth and success, giving endlessly of his time and talents to strengthen the company. We will miss his guidance and leadership, but we know the strong teams, culture and financial discipline he developed will shape Ingersoll Rand for years to come.”

A long-time member of Ingersoll Rand’s executive team, Shawley was named chief financial officer following the acquisition of Trane in June 2008. Before that, he served as senior vice president and president of the Climate Control Technologies Sector (portions of which now make up the Climate Solutions segment). Shawley also now serves as Ingersoll Rand’s chief risk officer after initiating and spearheading the company’s enterprise risk management program.

“Steve has been an exceptional asset to Ingersoll Rand and the Board is grateful for his distinguished tenure and leadership through favorable and challenging times. On behalf of the Board, I thank him for his outstanding contributions and wish him well in future endeavors,” said Richard J. Swift, Ingersoll Rand’s lead director.

Shawley joined Ingersoll Rand in 1997 through the acquisition of Thermo King, then a business of Westinghouse Electric Corporation, where he served as vice president and controller. He became corporate controller of Ingersoll Rand in May 1998 and was named a vice president of Ingersoll Rand in June 1999. In August of 2002, Shawley was named president of Thermo King North America. A year later, he became president of Climate Control Americas. Prior to Thermo King, Shawley held numerous other key financial positions during his more than 20 years with Westinghouse.

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