David D. Petratis to Retire Following
Distinguished 40-Year Career, John H. Stone to Succeed Petratis as
President and CEO
Allegion plc (NYSE: ALLE), a leading global provider of security
products and solutions, today announced that John H. Stone will
succeed David D. Petratis as president and CEO, effective July 11,
2022. Stone will also become a member of the company’s Board of
Directors at that time, and Petratis will serve as executive
chairman until his retirement, which is expected by Jan. 2,
2023.
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David D. Petratis (Photo: Business
Wire)
Petratis has led Allegion since its spin-off from the former
Ingersoll Rand in 2013, capping off a distinguished 40-year career.
During his tenure, Allegion has achieved substantial financial and
business success, doubling its market capitalization and annual
adjusted earnings per share (EPS), delivering industry-leading
profitability and completing more than 20 acquisitions and
strategic investments. The company also recently received the
prestigious Robert W. Campbell award for its system of
environmental, health and safety management.
“Leading Allegion has been a privilege and one of the most
rewarding experiences of my professional career,” said Petratis.
“Since becoming a standalone public company, our commitment to
safety and providing employees with the tools and resources to get
the job done right has driven our success. My heartfelt gratitude
goes out to our 11,000 employees whose dedication, innovation and
collaboration have built our incredibly strong and loyal customer
base and helped us navigate the challenges of the pandemic. Today,
Allegion has the right talent and the right strategy to
successfully execute on its vision of seamless access and a safer
world. I believe the best is yet to come, and now is the right time
to turn the reins over to a new leader. I look forward to working
alongside John, the Board and our management team to ensure a
seamless transition. The future is bright at Allegion.”
“Dave has guided Allegion through an extraordinary
transformation toward seamless access, and on behalf of the entire
Board, I want to thank him for his leadership and invaluable
contributions,” said Kirk Hachigian, lead director of the Allegion
Board of Directors. “With his relentless focus on investing in
innovation, operations and people, Dave has positioned Allegion to
capitalize on growth opportunities in the coming years. We wish him
all the best in his well-deserved retirement.”
Stone brings to Allegion more than 18 years of senior leadership
experience. Most recently, he served as president of Deere &
Company’s (NYSE: DE) Worldwide Construction, Forestry and Power
Systems business, overseeing the nearly $11.4 billion segment.
Under Stone’s leadership, the segment has delivered impressive
growth and profitability. He has also been influential in Deere
& Company’s rapid development of artificial intelligence (AI)
and machine learning capabilities, better integration of
precision-ag technology into each of its flagship products and in
helping the company establish itself as a leader in technology.
Prior to Deere & Company, Stone was a quality engineer at
General Electric and an infantry officer in the U.S. Army.
Hachigian continued, “Allegion’s leadership succession plan
enables a smooth transition of the CEO role. John is an outstanding
leader with a proven ability to formulate and deliver operating and
business process excellence, and he possesses a deep understanding
of the technological trends shaping our world. His established
track record of driving innovation to adopt smarter, safer and more
sustainable agricultural and construction solutions will be
instrumental to the execution of Allegion’s seamless access
strategy, and his transformational M&A experience will ensure a
smooth integration of the pending Access Technologies acquisition.
We look forward to benefiting from his expertise as Allegion drives
continued growth, innovation and profitability.”
“I am excited to take on the role of CEO for Allegion, and I am
grateful for the support of Dave and the Board in entrusting me to
lead the company’s next chapter,” said Stone. “Allegion is an
industry leader with strong growth engines and tremendous talent. I
am eager to hit the ground running, to work with this great team to
capitalize on Allegion’s strong portfolio of products, services and
software and to drive shareholder value and a safer world through
smart security solutions.”
About John H. Stone
Stone, 52, currently serves as president of Deere &
Company’s Worldwide Construction, Forestry and Power Systems
business. In this role, he is responsible for the sustainable,
profitable growth of the company's construction and forestry
equipment business as well as the continued success of the Wirtgen
Group. Stone previously headed Deere's Intelligent Solutions Group,
the company's precision-ag technology arm, where he led the
acquisition of tech startup Blue River Technology, the
establishment of the San Francisco John Deere Labs office and the
precision-ag headquarters in Urbandale, Iowa. He holds a bachelor's
degree in mechanical engineering from the United States Military
Academy and an MBA from Harvard Business School.
About Allegion
Allegion (NYSE: ALLE) is a global pioneer in seamless access,
with leading brands like CISA®, Interflex®, LCN®, Schlage®,
SimonsVoss® and Von Duprin®. Focusing on security around the door
and adjacent areas, Allegion secures people and assets with a range
of solutions for homes, businesses, schools and institutions.
Allegion had $2.9 billion in revenue in 2021, and its security
products are sold around the world. For more, visit
www.allegion.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, and Section 21E of
the Securities Exchange Act of 1934, including statements regarding
the continued impacts of the global COVID-19 pandemic, supply chain
constraints, electronic component and labor shortages, inflation,
rising freight and material costs, impacts of Russia’s invasion of
Ukraine including further supply chain disruptions and the
increased risk of cyber-attacks in connection with such invasion,
the company's 2022 financial performance, the company’s business
plans and strategy, the company’s growth strategy, the company’s
capital allocation strategy, the company’s tax planning strategies,
and the performance of the markets in which the company operates.
These forward-looking statements generally are identified by the
words “believe,” “project,” “expect,” “anticipate,” “estimate,”
“forecast,” “outlook,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result” or the negative thereof or
variations thereon or similar expressions generally intended to
identify forward-looking statements. Forward-looking statements may
relate to such matters as projections of revenue, margins,
expenses, tax provisions, earnings, cash flows, benefit
obligations, dividends, share purchases or other financial items;
any statements of the plans, strategies and objectives of
management for future operations, including those relating to any
statements concerning expected development, performance or market
share relating to our products and services; any statements
regarding future economic conditions or our performance; any
statements regarding pending investigations, claims or disputes;
any statements of expectation or belief; and any statements of
assumptions underlying any of the foregoing. These statements are
based on the company's currently available information and our
current assumptions, expectations and projections about future
events. They are subject to future events, risks and uncertainties
- many of which are beyond the company’s control - as well as
potentially inaccurate assumptions, that could cause actual results
to differ materially from those in the forward-looking statements.
Further information on these factors and other risks that may
affect the company's business is included in filings it makes with
the Securities and Exchange Commission from time to time, including
its Form 10-K for the year ended Dec. 31, 2021, Form 10-Q for the
quarters ended March 31, 2022, and in its other SEC filings. The
company undertakes no obligation to update these forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20220531005353/en/
Media: Doshia Stewart – Vice President, Global Corporate
Communications +1.317.810.3512 Doshia.Stewart@allegion.com and
PR@allegion.com
Analysts: Tom Martineau – Vice President, Investor
Relations, and Treasurer +1.317.810.3759
Tom.Martineau@allegion.com
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