William Donnelly appointed lead director as current chairman Peter Stavros and board member Josh Weisenbeck, both with KKR, retire from the Ingersoll Rand Board
DAVIDSON, N.C.--(BUSINESS WIRE)-- The Board of Directors of Ingersoll Rand Inc. (NYSE:IR), a global provider of mission-critical flow creation and industrial solutions, has appointed Vicente Reynal as chairman of the company and William (Bill) Donnelly to serve as the company’s lead director. Both appointments are effective immediately.
Reynal will assume the chairman role in addition to his roles of president and chief executive officer. He succeeds Pete Stavros, who retires from being chairman of Ingersoll Rand since 2013. Stavros is a partner at KKR and serves as co-head of its private equity business in the Americas and co-chair of its Inclusion and Diversity Council. Josh Weisenbeck, a partner in KKR’s private equity business and leader of its Industrial team, has also retired.
“I am retiring from the chairman role with the absolute confidence that Vicente is the right person to lead Ingersoll Rand into the next phase of its growth story,” said Stavros. “His expertise in transformative leadership and profitable growth, while focusing on employee ownership and engagement, will be instrumental to the company’s future success. On behalf of Josh and everyone at KKR, we are so proud to have been part of Gardner Denver’s – and now Ingersoll Rand’s – transformation, and we look forward to watching Ingersoll Rand continue to grow/lead the market with Vicente and Bill at the helm.”
Donnelly, retired executive vice president and chief financial officer of Mettler-Toledo International Inc., has served on the Ingersoll Rand Board since 2017. His appointment as Ingersoll Rand’s lead director demonstrates the Board’s confidence in his deep understanding of the company’s strategy and operations, his commitment during his time at Mettler to delivering consistent annual organic growth and shareholder value creation and his experience with publicly held industrial and life science companies.
“I am honored to be selected by the Board for this appointment and look forward to building on Pete and Vicente’s strong record of shareholder value creation,” said Donnelly. “The Board’s unanimous selection of Vicente to the role of chairman is in recognition of his leadership, knowledge, passion, and financial and operational track record of success. The appointment also shows our unwavering support and belief in the company’s current strategy, leadership and direction. As a Board, we believe that a shared CEO and chairmanship is the right approach given Vicente’s proven leadership, and the company’s strong commitment to sustainability and good governance, including the creation of the new role of lead director.”
Reynal joined the company in 2015 as chief executive officer of the Gardner Denver Industrials Segment, and was named president and chief executive officer in January 2016. He has served as president and chief executive officer of Ingersoll Rand since March 2020, when he led the transformational merger between Gardner Denver and the Industrials Segment of Ingersoll-Rand plc.
Reflecting on his appointment and the Ingersoll Rand Board leadership changes, Reynal remarked, “Coming from a small, rural Puerto Rican town, I had a deep passion to be successful and help others along the way. Over the years, I focused on what good leadership looks like, even taking steps down in roles or titles to have purposeful influence on positive performance and execution. With the chairman role, I’m excited to carry forward the shared philosophy Pete and I have that broad-based employee ownership and being a purpose and value driven organization are foundational elements of long-term performance and shareholder value creation. Pete’s legacy will survive in many ways, but perhaps will best be reflected in our continued commitment to the philosophy of employee ownership, which he has championed and led during his tenure as chairman. We are deeply appreciative of the invaluable contributions from Pete and Josh, and wish them much success in the future. At the same time, I congratulate Bill in his new role: he embodies what we want in a lead director – high integrity, strategic thinking, intellectual independence and a bias toward action. I look forward to continue working alongside him and our other Board members to live out the purpose and values of Ingersoll Rand.”