Allegion CEO David Petratis to retire July 11; John Stone from Deere to succeed

Allegion plc

David Petratis retires as President and CEO effective July 11, 2022; will serve as Executive Chairman until Jan. 2, 2023.
John H. Stone, formerly President of Deere's Construction, Forestry & Power Systems, becomes President and CEO and joins the Board on July 11.
Stone receives $1M base salary, 125% target annual cash incentive, and $4.5M LTI target (50% PSUs, 25% RSUs, 25% options).
Stone also gets one-time grants: $2M in stock options vesting over 3 years and $5.5M in RSUs vesting over 4 years, compensating for forfeited Deere awards.
Petratis led Allegion since its 2013 spin-off; company doubled market cap and adjusted EPS under his tenure.

item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Role change

David D. Petratis

Executive Chairman

ALLE · Allegion plc

Effective: 2022-07-11
Successor: John H. Stone
Filed: May 31, 2022, 7:59 PM ET

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 (the “Effective Date”). Mr. Petratis will serve as Executive Chairman of the Board of Directors of the Company (the “Board”) as of the Effective Date and until his retirement from the Company which is planned to occur by January 2, 2023

Appointed

John H. Stone

President and Chief Executive Officer

ALLE · Allegion plc

Effective: 2022-07-11
Filed: May 31, 2022, 7:59 PM ET

John H. Stone, President, Worldwide Construction, Forestry and Power Systems, Deere & Company (“Deere”), an agricultural machinery and heavy equipment company, will join Allegion on the Effective Date and succeed Mr. Petratis as President and Chief Executive Officer of the Company.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

David D. Petratis changed role as Executive Chairman at Allegion plc.

Action: retiring from President and CEO to become Executive Chairman
Role: Executive Chairman

Exact text from the filing

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 (the “Effective Date”). Mr. Petratis will serve as Executive Chairman of the Board of Directors of the Company (the “Board”) as of the Effective Date and until his retirement from the Company which is planned to occur by January 2, 2023

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

John H. Stone was appointed as President and Chief Executive Officer at Allegion plc.

Action: appointed
Role: President and Chief Executive Officer

Exact text from the filing

John H. Stone, President, Worldwide Construction, Forestry and Power Systems, Deere & Company (“Deere”), an agricultural machinery and heavy equipment company, will join Allegion on the Effective Date and succeed Mr. Petratis as President and Chief Executive Officer of the Company.

View on SEC.gov

Allegion plc filing history →

Source: SEC EDGAR

accession 0001193125-22-162927

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