Executive chair Mike Lamach to retire from the company on December 31, 2021

The Board of Directors of Trane Technologies (NYSE:TT), a global climate innovator, has appointed CEO Dave Regnery as chair of the Board, effective January 1, 2022.

Regnery succeeds Mike Lamach, who has served as executive chair through the CEO transition and plans to formally retire from the company on December 31, 2021 following a smooth and successful transition of leadership. As previously announced, Gary Forsee, retired chair and CEO of Sprint Nextel Corporation and former president of the University of Missouri System, will continue to serve as lead independent director.

"Dave's appointment as chair of the Board is a testament to his strong leadership, strategic vision for the company's future and focus on value creation for all stakeholders," said Forsee. "Dave continues to advance the company's strong market position and industry leadership in sustainability through a purpose-driven strategy, relentless focus on innovation and strong customer and employee engagement. The Board of Directors is confident the company is well positioned for continued growth and long-term shareholder value. We look forward to working with Dave in his expanded role."

Regnery was named CEO on July 1, 2021. Throughout his long tenure with the company, he served in various financial and commercial leadership roles, and led several strategic business units around the world, including Commercial HVAC and Transport Refrigeration. He later was named president and chief operating officer, with direct responsibility for the company's three regional reporting segments, full portfolio of businesses and brands, and global business operations.

"I appreciate the Board's confidence in me as well as the support of our customers, investors and talented team members around the world," said Regnery. "There is an incredibly bright future ahead for Trane Technologies as we challenge what's possible for our industry, and for the world. I want to thank Mike Lamach for his countless and invaluable contributions to Trane Technologies, and most of all for his steadfast commitment to making the world a better place."

Lamach served as CEO and chair of the Board of Directors of Trane Technologies for 11 years and has served as executive chair since July 1, 2021. Lamach launched Trane Technologies' business operating system and developed a strong culture of inclusion and engagement. He led the company through multiple strategic evolutions, culminating in the launch of Trane Technologies as a purpose-driven climate innovator in 2020.

Forsee added, "On behalf of the Board of Directors, I'd like to thank Mike for his transformative leadership, which has led to significant value creation over time, as well as his visible industry leadership to advance climate action and diversity and inclusion."

"Dave's transition to CEO has been seamless and has enabled the acceleration of my retirement," said Lamach. "I retire with complete confidence that Dave is the right choice to lead Trane Technologies into the future. I'm proud of the work we've done over the past several years to establish Trane Technologies as the sustainability leader in our industry while achieving top quartile financial results. And, I'm honored to have worked with such an amazing team of people and an experienced, committed group of directors. I'm excited for what the future holds as Trane Technologies continues to fulfill its sustainability purpose."

About Trane Technologies

Trane Technologies is a global climate innovator. Through our strategic brands Trane® and Thermo King®, and our environmentally responsible portfolio of products and services, we bring efficient and sustainable climate solutions to buildings, homes, and transportation. Learn more at tranetechologies.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211203005062/en/

Trane Technologies CEO Dave Regnery Named Chair of the Board of Directors