Allegion (NYSE: ALLE) announced that John H. Stone will succeed David D. Petratis as president and CEO, 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 by Jan. 2, 2023.
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 capitalization and annual adjusted earnings per share (EPS) 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.