Trane Technologies (NYSE: TT), a global climate innovator, today announced that Dave Regnery, current President and Chief Operating Officer, has been appointed Managing Director and will join the Board of Directors. He succeeds Mike Lamach, who will serve as executive chairman of the board until his scheduled retirement from the company in the first half of 2022. These changes will take effect on July 1, 2021.
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Dave Regnery, current President and COO of Trane Technologies, has been appointed Managing Director and will join the board effective July 1, 2021 (Photo: Business Wire)
“Dave Regnery is the obvious choice to lead Trane Technologies into the future, in accordance with our comprehensive succession plan,” said Lamach. “Dave has worked alongside me to shape almost every aspect of our global business – from our corporate operating system, to our leadership in sustainability and innovation, to the development of our corporate culture. inclusion and engagement, which has led to a vast pool of leadership talent. . Dave was the co-architect of our transformation as a focused climate innovator. He is an exceptional leader with a deep understanding of our industry, the major sustainability trends affecting our businesses, the needs of our customers and how to create value for our stakeholders. I have full confidence in Dave as he becomes CEO and leads Trane Technologies forward.
As President and Chief Operating Officer, Regnery has had direct responsibility for the company’s three regional reporting segments and the entire portfolio of companies and brands, including Trane® and Thermo King.® He also oversaw the company’s global business operations, including supply chain, engineering and information technology. Regnery has worked closely with Lamach to evolve and refine the company’s strategy as an industry leader in climate solutions with a single goal – to boldly challenge what is possible for a sustainable world.
Regnery has worked at Trane Technologies throughout his career, starting with the company’s financial leadership development program, then progressing to the roles of finance and sales and general management. Throughout his tenure, Regnery successfully led all of the company’s operations globally, including Commercial HVAC, Residential HVAC and Transportation Refrigeration, and took them to new heights. Under his leadership, the company launched its EcoWise ™ product portfolio, designed to reduce environmental impact through high efficiency operation and low global warming potential refrigerants. He has been instrumental in growing the company’s portfolio of complete construction solutions, including energy services, orders and digital offerings.
“I am honored to serve as CEO of Trane Technologies as we continue to push the boundaries of climate innovation,” said Regnery. “We have the best team, strong customer relationships and a passion for innovation, growth and value creation for all of our stakeholders – our team members, our customers, our communities and our shareholders. “
Lamach, who was appointed CEO in February 2010 and elected Chairman of the Board in June 2010, will become Executive Chairman. In this role, Lamach will continue to chair the Board of Directors and work closely with Gary Forsee, the new Lead Independent Director, on governance matters, and with Regnery on the long-term strategic plans of the company, until ” on retirement in the first half of 2022.
Under Lamach’s leadership, Trane Technologies has grown from a diversified industrial manufacturing company, formerly Ingersoll Rand, to a leading climate innovator with consistent high level financial and environmental, social and governance (ESG) performance. Since joining the company in 2004, Lamach has led the creation of the company’s proprietary business operating system and its successful deployment of lean, which resulted in a strong operating business, solid innovation. and consistent business results. Lamach’s goal-oriented approach has built a widely recognized culture of inclusion and high engagement, with a common goal focused on sustainability.
Lamach led multiple strategic evolutions, including the split of the company’s security technologies business and the creation of Allegion in December 2013. Most recently, Lamach orchestrated the very successful separation of the industrial activities from the company. business and combination with Gardner Denver through a Reverse Morris. Trust transaction which in March 2020 resulted in the launch of the remaining company, Trane Technologies plc, as a goal-driven climate innovator. The total return for the shareholder of the company1 since Lamach became CEO in February 2010, is 744%, nearly double the total shareholder return of the S&P 500.
In 2019, Lamach was named one of Harvard Business Review’s Most Successful CEOs and ranked by Forbes as one of America’s 100 Most Innovative Leaders. He is a leader in the manufacturing sector and has chaired the National Association of Manufacturers since June 2019. Lamach also sits on the board of directors of PPG Industries.
“Executing our succession plan will ensure a smooth transition, continuity of leadership and a continued focus on achieving sustainable and leading financial performance,” said Dick Swift, outgoing senior director of Trane Technologies and former president , President and CEO of Foster Wheeler Ltd. “On behalf of the Board of Directors, we thank Mike for his exceptional leadership, which has led to substantial increases in the company’s market capitalization, shareholder value and ESG performance.
“Going forward, Trane Technologies and its stakeholders will benefit from the experience of two extremely strong leaders: Mike, in his role as Executive Chairman and Dave as CEO. Dave is the right fit to lead the business to its next chapter given his proven track record, strong vision and unwavering commitment to advancing the long-term growth, performance and value of the business.
About Trane Technologies
Trane Technologies is a global climate innovator. Through our strategic brands Trane and Thermo King, and our portfolio of environmentally friendly products and services, we bring efficient and sustainable climate solutions to buildings, homes and transportation. Learn more at tranetechologies.com.
1Total shareholder return since February 2, 2010 includes the prorated value of shares received from the Allegion spin-off and the Reverse Morris Trust industrial transaction.