Allegion plc, a global provider of security products and solutions, has announced that John Stone will succeed David 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.
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 capitalisation and annual adjusted earnings per share (EPS), delivering profitability and completing more than 20 acquisitions and strategic investments. The company also recently received the prestigious Robert 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 capitalise 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 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 US Army.
“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 capitalise on Allegion’s strong portfolio of products, services and software and to drive shareholder value and a safer world through smart security solutions.”
For more information, visit: www.allegion.com