Trane Technologies, a global climate innovator, 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.
innovative leadership
“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"
"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.”
Dave Regnery's experience at Trane
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.
EcoWise™ portfolio
His role in growing the company’s portfolio includes energy services, controls, and digital offerings
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.”
Responsibilities of Lamach
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.
Lamach's experience
Under Lamach, Trane transformed from a diversified industrial manufacturing company to a climate innovator
Under Lamach’s leadership, Trane Technologies has transformed from a diversified industrial manufacturing company, formerly Ingersoll Rand, to a 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.
Inclusion and engagement
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 return since Lamach became CEO in February 2010 is 744%, nearly twice the total shareholder return of the S&P 500.
sustainable, top-tier financial performance
The execution of our succession plan will ensure a smooth transition, continuity of leadership, and a continued focus"
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 pioneer 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.
Commitment to growth
“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.”
