Ingersoll-Rand announced that Patrick Shannon will serve as Senior VP and CFO, and Barbara Santoro will serve as Senior VP and General Counsel for the new, standalone global security company to be created upon its separation from Ingersoll later this year. Both Shannon and Santoro will be reporting directly to the CEO and will be based in Carmel, Indiana. The CEO is expected to be named in the coming months.
Ingersoll-Rand announced that Patrick Shannon will serve as Senior VP and CFO, and Barbara Santoro will serve as Senior VP and General Counsel for the new, standalone global security company to be created upon its separation from Ingersoll later this year. Both Shannon and Santoro will be reporting directly to the CEO and will be based in Carmel, Indiana. The CEO is expected to be named in the coming months.
On December 10th, Ingersoll announced a plan to spin off its combined commercial and residential security businesses, resulting in two standalone companies: the HVAC businesses of Ingersoll Rand, and the new security company. Ingersoll expects the transaction, which is intended to be tax free to shareholders, to be completed by the end of 2013. The $2 billion new security company's commercial and residential solutions include electronic and biometric access control systems; mechanical locks; portable home security systems; and mechanical and electronic security products, such as door closers, exit devices, architectural hardware, and steel doors and frames.
As CFO, Shannon will set the financial strategy, plans and policies for the new security company. He will be a key member of the senior management team and will provide counsel on the accounting, audit, financial analysis, investor relations, tax and treasury functions to the executive leadership team and the Board of Directors. Shannon currently serves as VP and treasurer for Ingersoll. Previously, he was VP of audit services where he worked closely with the audit committee of the Board of Directors and was instrumental in directing Ingersoll Rand's Enterprise Risk Management program.
Prior to audit services, Shannon served as VP of Finance and Information Technology for Trane Commercial Systems as of September 2008. That appointment followed his stewardship as VP of strategy and business development where he oversaw the company's strategic planning process, M&A activity and investor relations. From 2002 to 2005, he served as VP, finance for the Ingersoll Rand Construction Technologies Sector.
Before joining Ingersoll, Shannon served as senior VP and CFO for OneCoast Network. Before that, he was senior VP and CFO for AGCO. Shannon started his career with Arthur Andersen. He holds a VP Bachelor of Business administration degree from the University of Georgia and a master of business administration degree from Mercer University, Macon, Georgia. He also is a certified public accountant.
As general counsel, Santoro will lead the strategy and execution of all legal matters, including compliance, acquisitions and divestitures, securities, corporate governance, commercial contracts, intellectual property, sales and marketing, litigation, labor, employment and employee benefit law. She was elected VP of corporate governance and secretary of Ingersoll in December 2004. Before being named VP, Santoro served as deputy general counsel of transactions and assistant secretary. Prior to being deputy general counsel, she served as assistant general counsel for the company.
Santoro joined Ingersoll in 1996. Before that, she served as Associate General Counsel at Degussa Corporation and was an attorney at the law firms of White & Case and Olwine, Connelly, Chase, O'Donnell and Weyher in New York.
Santoro received a Bachelor of Science degree from Arizona State University and earned a juris doctor degree from Fordham University School of Law. She is a member of the American Bar Association, the American Corporate Counsel Association and the Society of Corporate Secretaries and Governance Professionals.