- Push-out Score determined
- After nine years in the position
- Accolades, praise, thanks and good wishes for Petratis
- John Stone taking over
- Petratis spoke at length and said 147 words
(exechange) — Dublin, Ireland, May 31, 2022 — Dave Petratis, chief executive of Allegion, leaves his position. As announced by Allegion Plc in a news release and in a regulatory filing published on Tuesday, May 31, 2022, David D. (Dave) Petratis leaves his post as chief executive officer at the provider of security products, after nine years in the role, effective July 11, 2022.
Petratis leaves the company effective by January 2, 2023.
Dave Petratis’s duties as CEO will be taken over by John H. Stone, currently President, Worldwide Construction, Forestry and Power Systems at Deere & Company.
The fact that Dave Petratis’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“Now is the right time”
Dave Petratis’s departure from the CEO post is explained as follows. Petratis said: “I believe the best is yet to come, and now is the right time to turn the reins over to a new leader.”
Precise information regarding Dave Petratis’s future plans was not immediately available.
“Retirement”
Allegion said: “John H. Stone will succeed David D. 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.”
Allegion further said: “David D. Petratis, Chairman, President and Chief Executive Officer, will be retiring from his position as President and Chief Executive Officer effective July 11, 2022.”
Share price increase since May 2017
The announcement follows an increase in Allegion Plc’s share price of 46% since May 2017.
In the position of CEO since 2013
Dave Petratis became CEO of the Company in 2013.
As CEO, Dave Petratis led the IPO process to create Allegion from Ingersoll Rand in December 2013.
Prior to being named CEO of Allegion, Dave Petratis served as chairman, president and CEO of Houston-based Quanex Building Products Corporation – maker of engineered materials and components for building products.
In this role, Dave Petratis guided Quanex through one of the construction industry’s toughest economic periods, while strengthening the company’s culture with a focus on core values, health and safety. In addition, his team grew the company organically and through acquisitions, creating global product leadership positions.
Dave Petratis also served at Schneider Electric as president and CEO of its North American operating division, with market-leading brands of electrical distribution and industrial control products, systems and services. His experience additionally includes nearly 10 years as president of MGE UPS Systems Americas, a privately held manufacturer of power supplies.
During his tenure as president there, he was part of the leveraged buyout by management, resulting in the creation of MGE.
Dave Petratis began his career at Square D Company in 1981, where he held positions of increasing responsibility in manufacturing leadership.
Dave Petratis has extensive experience as a board member and currently serves on the University of Northern Iowa Business Executive Advisory Board.
For eight years, he served as a director of Gardner Denver, the global manufacturer of industrial compressors, blowers, pumps, loading arms and fuel systems.
He has additionally held positions on the board of directors of the University of California Irvine Graduate School of Management, the California State (Fullerton) Quality Advisory Board as well as Project Independence – a community agency in Costa Mesa, California, for the developmentally disabled.
He has served on the board of governors of the National Electrical Manufacturers Association (NEMA) and the International Electrical Safety Foundation.
Dave Petratis and his teams have been recognized for safety and manufacturing excellence by Industry Week magazine.
Dave Petratis has also been declared a “CEO Who Gets It” twice by the National Safety Council for his leadership in health and safety both at Schneider Electric and Allegion.
In 2001, he was the Ernst & Young Entrepreneur of the Year and in 2019 was inducted into the Iowa Western and Abraham Lincoln High School “Hall of Fame.”
Dave Petratis is often sought for commentary on the future of manufacturing, leadership as well as creating a culture of safety and engagement, and in 2018-2019 was featured in BPI Group’s Taking the Lead series as a “spinoff success.”
Dave Petratis holds a B.A. in industrial management from the University of Northern Iowa and an MBA from Pepperdine University.
Dave Petratis and his wife, Cindy, have three daughters.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Dave Petratis’s move on a scale of 0 to 10.
exechange reached out to Allegion and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 23.2022 ($).