8-KLeadership ChangesExhibits & Filings

Trane Technologies plc 8-K Report, Executive Changes (Jun 4, 2021)

Filed June 4, 2021For Securities:TT

Summary

Trane Technologies plc (TT) announced significant leadership changes, with David S. Regnery appointed as President and Chief Executive Officer, effective July 1, 2021. This transition marks a planned succession, as current CEO Michael W. Lamach will move to a full-time Executive Chair role until his retirement in the first half of 2022. Mr. Regnery, previously President and Chief Operating Officer, has a comprehensive compensation package tied to his new executive role, including a base salary, incentive opportunities, and substantial long-term equity grants. The company also saw a board change with the retirement of Richard J. Swift and the appointment of Gary D. Forsee as Lead Independent Director.

Key Highlights

  • 1David S. Regnery appointed as CEO and elected to the Board of Directors, effective July 1, 2021.
  • 2Michael W. Lamach transitions to Executive Chair role until his retirement in H1 2022.
  • 3Regnery's compensation package includes a $1.2M base salary, 150% target incentive, and significant long-term equity awards totaling $6M annually starting 2022, plus a special one-time equity grant of $3.14M.
  • 4Regnery will have use of company aircraft for business and personal use (up to $150,000 annually for personal).
  • 5Richard J. Swift retired from the Board of Directors.
  • 6Gary D. Forsee appointed as Lead Independent Director.
  • 7The COO role has not been replaced following Regnery's promotion.

Frequently Asked Questions

David S. Regnery has been appointed as the new President and Chief Executive Officer, effective July 1, 2021. He has also been elected to the Board of Directors as of the same date.

Michael W. Lamach, the current CEO, will transition to a full-time Executive Chair of the Board role effective July 1, 2021. This is a transitional role leading up to his retirement, which is expected in the first half of 2022.

Mr. Regnery's compensation includes an annual base salary of $1,200,000, a target 2021 cash incentive of 150% of base salary (prorated), and starting with 2022 annual grants, long-term incentives (stock options, RSUs, PSUs) targeting $6,000,000 annually. He also receives a special one-time equity grant of $3,140,000 and benefits such as company aircraft usage.

Yes, Richard J. Swift has retired from the Board of Directors due to reaching retirement age. Gary D. Forsee has been appointed as the Company's Lead Independent Director.