John H. Stone will succeed David D. Petratis as president and CEO of Allegion, a global provider of security products and solutions, effective July 11. 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 to occur by Jan. 2.
Petratis has led Allegion since its spin-off from Ingersoll Rand in 2013, capping off a 40-year career. During his tenure, Allegion doubled its market capitalization and annual adjusted earnings per share, delivering profitability and completing more than 20 acquisitions and strategic investments. The company also recently received the 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,” Petratis said. “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,” Kirk Hachigian, lead director of Allegion’s board of directors, said. “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 has 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. He was also influential in Deere & Company’s development of artificial intelligence and machine learning capabilities and better integration of precision-agriculture technology into each of its flagship products. Prior to Deere & Company, Stone was a quality engineer at General Electric and an infantry officer in the U.S. Army.
“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,” Hachigian said. “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,” Stone said. “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.”
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