Allegion plc, a global provider of security products and solutions, has announced that John H. Stone will succeed David D. Petratis as the President and Chief Executive Officer (CEO), effective July 11, 2022. John H. Stone will also become a member of the company’s Board of Directors at that time, and David D. Petratis will serve as Executive Chairman until his retirement, which is expected by Jan. 2, 2023.
David D. 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 industry-leading profitability and completing more than 20 acquisitions and strategic investments.
System of environmental, health and safety management
The company also recently received the prestigious 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"
“Leading Allegion has been a privilege and one of the most rewarding experiences of my professional career,” said David D. Petratis, adding “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.”
He adds, “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.”
Company vision of seamless access and a safer world
David D. Petratis continues, “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.”
Kirk Hachigian, Lead Director of the Board of Directors at Allegion, said “Dave has guided Allegion through an extraordinary transformation towards seamless access, and on behalf of the entire Board, I want to thank him for his leadership and invaluable contributions.”
Capitalising on growth opportunities in the coming years
Kirk Hachigian adds, “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.”
John H. Stone brings to Allegion more than 18 years of senior leadership experience. Most recently, he served as President of Deere & Company’s (John Deere) Worldwide Construction, Forestry and Power Systems business, overseeing the nearly US$ 11.4 billion segment.
Vast industry experience
Under John H. Stone’s leadership, the segment has delivered impressive growth and profitability
Under John H. 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, John H. Stone was a Quality Engineer at General Electric and an Infantry Officer in the U.S. Army.
Allegion’s leadership succession plan
Kirk Hachigian continues, “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.”
He adds, “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.”
Delivering smart security solutions
“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 John H. Stone, adding “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.”
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- Network / IP
- Electronic security systems
- Office security systems
- Office security
- Application security
- Physical security
- Commercial security
- Perimeter security
- Private sector security
- Security management
- Security devices
- Security installation
- Security access systems
- Asset tracking
- Electronic access control
- Building security
- Facility security
- Door access control
- Security software
- Security service
- Physical Security Information Management (PSIM)
- Security communication
- Integration software
- Perimeter protection
- Cyber security
- Mobile communications
- Internet of Things (IoT)
- Corporate Security
- Data Security
- Incident Management
- Security Assessments
- Cloud security
- Artificial intelligence (AI)
- Mobile access
- COVID-19
- Mergers & Acquisitions
- Machine Learning
