Business Wire

Trane Technologies Appoints Dave Regnery as Chief Executive Officer; Mike Lamach to Serve as Executive Chair Through Transition

Share

Trane Technologies (NYSE: TT), a global climate innovator, today announced that Dave Regnery, current president and chief operating officer, has been named chief executive officer and will join the Board of Directors. He succeeds Mike Lamach, who will serve as executive chair of the Board until his planned retirement from the company sometime in the first half of 2022. These changes are effective July 1, 2021.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210604005078/en/

To view this piece of content from mms.businesswire.com, please give your consent at the top of this page.

Dave Regnery, current president and chief operating officer for Trane Technologies, has been named chief executive officer and will join the Board of Directors, effective July 1, 2021 (Photo: Business Wire)

“Dave Regnery is the clear choice to lead Trane Technologies into the future, consistent with our comprehensive succession plan,” said Lamach. “Dave has worked alongside me to shape nearly every aspect of our global business – from our business operating system, to our sustainability and innovation leadership, to the development of our culture of inclusion and engagement, which has led to a deep 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 sustainability megatrends affecting our businesses, our customers’ needs, and how to create value for our stakeholders. I have complete 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 full portfolio of businesses and brands, including Trane® and Thermo King.® He also has had oversight of the company’s global business operations, including supply chain, engineering and information technology. Regnery has worked closely with Lamach to evolve and sharpen the company’s strategy as an industry leader in climate solutions with a singular purpose – to boldly challenge what’s possible for a sustainable world.

Regnery has been with Trane Technologies for his entire career, beginning in the company’s financial leadership development program, then progressing through financial and commercial leadership and general management roles. Throughout his tenure, Regnery has successfully led all of the company’s businesses around the world, including the Commercial HVAC, Residential HVAC and Transport Refrigeration businesses, and taken them to new heights. Under his leadership, the company launched its successful EcoWise™ portfolio of products, designed to lower environmental impact through high efficiency operation and low global warming potential refrigerants. He has been instrumental in growing the company’s portfolio of comprehensive building solutions including energy services, controls and digital offerings.

“I’m honored to serve as CEO for Trane Technologies, as we continue to push the boundaries on climate innovation,” said Regnery. “We have the best team, strong customer relationships, and a passion to innovate, grow and create value for all our stakeholders – our team members, customers, communities and shareholders.”

Lamach, who was named CEO in February 2010 and elected chair of the Board of Directors in June 2010, will become executive chair. In this role, Lamach will continue to chair the Board and work closely with Gary Forsee, incoming lead independent director, on governance matters, and with Regnery on the company’s long-term strategic plans, until his retirement sometime in the first half of 2022.

Under Lamach’s leadership, Trane Technologies has transformed from a diversified industrial manufacturing company, formerly Ingersoll Rand, to an industry-leading climate innovator with consistent top tier financial and environmental, social and governance (ESG) performance. Since joining the company in 2004, Lamach led the creation of the company’s proprietary business operating system and its successful deployment of lean, which has resulted in a strong operating company, robust innovation and consistent business results. Lamach’s purpose-driven approach has built a widely recognized culture of inclusion and high engagement, with a shared purpose centered on sustainability.

Lamach has led multiple strategic evolutions, including the spin-off of the company’s security technologies business and the creation of Allegion in December 2013. Most recently, Lamach orchestrated the highly successful separation of the company’s industrial businesses and combination with Gardner Denver through a Reverse Morris Trust transaction, which in March of 2020 culminated in the launch of the remaining company, Trane Technologies plc, as a purpose-driven climate innovator. The company’s total shareholder return1 since Lamach became CEO in February 2010 is 744%, nearly twice the total shareholder return of the S&P 500.

In 2019, Lamach was named one of Harvard Business Review’s top performing CEOs and listed by Forbes among America’s 100 Most Innovative Leaders. He is a leader in the manufacturing sector and has served as chair of the National Association of Manufacturers since June 2019. Lamach also serves on the Board of Directors of PPG Industries.

“The execution of our succession plan will ensure a smooth transition, continuity of leadership and a continued focus on delivering sustainable, top-tier financial performance,” said Dick Swift, retiring lead director for Trane Technologies, and former chair, president and CEO for Foster Wheeler Ltd. “On behalf of the Board of Directors, we are grateful to Mike for his outstanding leadership, which has led to substantial increases in the company’s market capitalization, shareholder value and ESG performance.

“Looking ahead, Trane Technologies and its stakeholders will benefit from the experience of two extremely strong leaders – Mike, in his role as executive chair and Dave as CEO. Dave is the right choice to lead the company into its next chapter given his proven track record, strong vision, and unwavering commitment to advance the company’s growth, performance and long-term value.”

About Trane Technologies
Trane Technologies is a global climate innovator. Through our strategic brands Trane and Thermo King, and our environmentally responsible portfolio of 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 pro rata value of shares received from Allegion spin-off and industrial Reverse Morris Trust transaction.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Media:
Jennifer Regina, Trane Technologies
+1-630-390-8011, jennifer.regina@tranetechnologies.com

Investors:
Zachary Nagle, Trane Technologies
+1-704-990-3913, zachary.nagle@tranetechnologies.com

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Manx Telecom Partners With Mavenir to Transform Its Mobile Voice and Data Network and Trials Open RAN With Mavenir’s Leading Cloud-Native Solutions24.6.2021 10:00:00 CEST | Press release

Mavenir, the Network Software Provider building the future of networks with cloud-native software that runs on any cloud and transforms the way the world connects, announces today that Isle of Man-basedcommunications service provider, Manx Telecom will be using the MAVcore solution to deliver both voice (VoLTE) and data networks (Packet Core). Mavenir will be delivering and deploying an end-to-end solution to Manx Telecom for its On-Island and OV businesses, comprising cloud-native virtualised IMS and Packet Cores. In addition, Manx Telecom will use the MAVair solution to undertake an Open RAN trial. Manx Telecom selected Mavenir as the best fit to meet the company’s overall requirement today and its future architecture needs for IMS, Packet Core and RAN solutions. The MAVcore family includes Mavenir’s global leading VoLTE IMS and voice services delivering VoLTE based virtualised IMS solution including VoLTE roaming and PCRF capability, and its leading-edge Packet Core solution deliver

Philip Morris International: New Study Shows Near-Doubling in Counterfeit Cigarettes in the European Union Drives Increase of Total Illicit Consumption in 202024.6.2021 10:00:00 CEST | Press release

Philip Morris International Inc. (PMI) (NYSE: PM) is calling for public and private representatives to jointly combat illicit trade as a new report produced by KPMG was released on the consumption and flows of illicit cigarettes in 30 European countries—the 27 European Union (EU) member states, as well as U.K., Norway and Switzerland. The study estimates that, while total cigarette consumption continues to decline, the share of illicit cigarettes increased by one half of a percentage point to 7.8% of total consumption in 2020, reaching 34.2 billion cigarettes consumed across the EU 27 member states (EU27). The increase of illicit cigarettes—which consist of contraband, counterfeit, and illicit whites—was driven by an unprecedented 87% surge in counterfeit consumption. The tax loss for governments in the EU27 now amounts to approximately €8.5 billion. The annual study, conducted independently by KPMG and commissioned by PMI, shows how legal and illicit cigarette consumption was impacted

Mavenir and Qualcomm Collaborate to Deliver Open RAN 4G/5G Indoor and Outdoor Radio Solutions for Public and Private Networks24.6.2021 10:00:00 CEST | Press release

Mavenir1, the Network Software Provider building the future of networks with cloud-native software that runs on any cloud and transforms the way the world connects, today announced a collaboration with Qualcomm Technologies, Inc. to develop indoor and outdoor solutions for both private and public network deployments aiming to broaden the choices for Open RAN customers. With rising capacity and coverage demands of 5G, driven by diverse enterprise and consumer requirements, there is a growing need for network densification that harnesses all available spectrum based on flexible and cost-effective radio solutions. This collaboration aims to leverage the power of Mavenir’s software solutions and Qualcomm Technologies’ platform leadership, to deliver a suite of radio solutions based on Open RAN architecture. Mavenir software running on the Qualcomm® 4G and 5G RAN Platforms for Small Cells (FSM), providing a full range of Open RAN software upgradable radio solutions is designed to meet the s

Habu Expands Internationally, Appointing Tim Norris-Wiles as Managing Director EMEA24.6.2021 10:00:00 CEST | Press release

Habu, the Global Innovator in Data Clean Room software, today announced the appointment of industry veteran, Tim Norris-Wiles as the Managing Director of EMEA, as Habu expands internationally and continues to grow its global customer base and business. Building on its tremendous growth in the first half of 2021, Habu’s Data Clean Room software allows brands to benefit from the full value of data in a safe environment, providing measurement, targeting, personalization and access to unique insights for the best marketing results. Through its proprietary methods for cloud data integration and distributed data processing, Habu continues to innovate in ways that enable organizations like Activision, ASICS, Insider and Digital Trends to safely collaborate and fully utilize data within their clean rooms. As the Managing Director of EMEA, Norris-Wiles will oversee Habu’s global growth strategy and execution. He will expand and lead Habu’s international sales organization in Europe and ensure d

Panasonic Announces Signing of Professional Women’s Tennis Player Naomi Osaka as Brand Ambassador24.6.2021 09:48:00 CEST | Press release

Panasonic Corporation has signed a brand ambassador agreement with professional women's tennis player Naomi Osaka. The period of agreement is two years starting from April 22, 2021. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210624005399/en/ Panasonic’s Brand Ambassador Naomi Osaka (Graphic: Business Wire) Panasonic sought the agreement with Ms. Osaka after observing that her values and perspectives on society deeply resonate with its own management philosophy, primarily with regard to the following three points: First, Ms. Osaka takes social issues seriously, looking beyond tennis to share her views on what a better society would look like in her own words. The founder of Panasonic, Konosuke Matsushita, held the notion that a stable state of happiness comes only when both mental stability and material prosperity are secured. Based on this idea, the company endeavors to create an ideal society where all of us can enjoy l

ADVA makes virtual routing simple and affordable with Ensemble SmartWAN24.6.2021 09:00:00 CEST | Press release

ADVA (FSE: ADV) today launched its fully featured Ensemble SmartWAN secure networking solution. Integrated into ADVA’s Ensemble network functions virtualization (NFV) suite, the new technology offers enterprises a simple and affordable way to leverage the core benefits of software-defined WAN (SD-WAN), while removing the need for additional virtual network functions (VNFs). Now businesses can deploy a turnkey solution that delivers dynamic virtual routing, centralized management, and full visibility of network topology. With zero-touch provisioning for easy deployment and temperature-hardened servers, Ensemble SmartWAN significantly improves return on investment for applications such as dynamic and fully meshed networking and smart city services. At the same time, it preserves the benefits of an open system that supports runtime additions of new VNFs or user applications. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210624

Global Banks Preparing to Leverage SWIFT’s New Platform for International Payments Flows24.6.2021 09:00:00 CEST | Press release

Six leading global banks today announced their endorsement for SWIFT’s new transaction management platform and are preparing to use its expanded capabilities to enable new services, improve efficiency and reduce costs when the platform goes live in November 2022. Bank of China, Bank of New York Mellon, BNP Paribas, Citi, Deutsche Bank, and Standard Chartered confirmed their preparations for the platform as the co-operative detailed an ambitious roadmap it will roll out over the next 18 months. New features – including upfront validation of beneficiary details, central management of exceptions, extension of SWIFT’s high-speed gpi rails to lower-value payments and new rich data services based on the ISO 20022 standard – will serve as the building blocks of the enhanced platform. These are integral components of SWIFT’s strategy to facilitate instant and frictionless end-to-end transactions anywhere in the world. The platform evolution builds on extensive work by the SWIFT community in th