- Push-out Score determined
- After around 11 years in the position
- Accolades, praise and thanks for Lamach
- Dave Regnery taking over
- Lamach will remain as executive chair at Trane
- Lamach said 121 words
(exechange) — Swords, Ireland, June 4, 2021 — Mike Lamach, chief executive of Trane, leaves his position. As announced by Trane Technologies Plc in a news release and in a regulatory filing published on Friday, June 4, 2021, Michael W. (Mike) Lamach leaves his post as chief executive officer at the manufacturer of heating, ventilating and air conditioning systems after around 11 years in the role, effective July 1, 2021.
Lamach leaves the company effective sometime in the first half of 2022.
Mike Lamach’s duties as CEO will be taken over by David S. (Dave) Regnery, currently president and chief operating officer at Trane Technologies Plc.
“Comprehensive succession plan”
Mike Lamach’s departure from the CEO post is explained as follows. Lamach said: “Dave Regnery is the clear choice to lead Trane Technologies into the future, consistent with our comprehensive succession plan.”
Lamach will remain as executive chair at Trane
“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,” Trane said.
Trane said: “Mr. Michael W. Lamach, who had been Chairman of the Board and Chief Executive Officer, has announced his intention to retire from the Company in the first half of 2022. Mr. Lamach will become the full-time Executive Chair of the Board effective July 1, 2021 for a period of transition until his retirement.”
Share price increase since June 2020
The announcement follows an increase in Trane Technologies Plc’s share price of 103% since June 2020.
In the position of CEO since 2010
Mike Lamach became CEO of the Company in 2010.
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.
Michael W. Lamach is Chairman and Chief Executive Officer of Trane Technologies plc, a global climate innovator focused on sustainable solutions for buildings, homes and transportation.
Trane Technologies was launched in 2020 upon the completion of a strategic transaction that created two leading companies – Trane Technologies and Ingersoll Rand.
Prior to Trane Technologies, Lamach joined Ingersoll Rand in 2004 and served as president of the Trane Commercial business before being named the company’s president and chief operating officer.
He was named chief executive officer and elected chairman of the Board of Directors in 2010.
In 2019, the company announced a strategic transaction to spin off Ingersoll Rand’s Industrial segment and merge it with Gardner Denver, creating a global Industrial company, retaining the legacy name of Ingersoll Rand.
The remaining climate-focused company was renamed Trane Technologies.
Prior to joining Ingersoll Rand, Lamach served in various leadership roles for Johnson Controls over a 17-year tenure, including group vice president and managing director for the European, Asian, South African and South American businesses of Johnson Controls’ Automotive Group.
Lamach holds a bachelor’s degree in engineering from Michigan State University and a master’s degree in business administration from Duke University.
He is the Chairman of the Board of Directors for the National Association of Manufacturers, and has served as a director for PPG Industries since 2015 and a member of Duke University’s Fuqua School of Business board of visitors since 2013.
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.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Mike Lamach’s move on a scale of 0 to 10.
exechange reached out to Trane and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 23.2021 ($).