Allegion Appoints Dev Vardhan to Board of Directors

Rhea-AI Summary

Allegion plc (NYSE: ALLE) has appointed Dev Vardhan, a senior partner at McKinsey & Company, to its board of directors. With over 25 years at McKinsey, Vardhan brings expertise in digital and business transformation, as well as in manufacturing, supply-chain design, and M&A. He will serve on the Compensation Committee and the Corporate Governance and Nominating Committee. Following this addition, Allegion's board now has eight members, with seven being independent. The company reported $2.9 billion in revenue in 2019 and operates in nearly 130 countries.

Positive

• Dev Vardhan's extensive background in digital transformation and strategy may enhance Allegion's growth initiatives.
• Having Vardhan on the board could strengthen Allegion's leadership in seamless access solutions.

Negative

• Concerns regarding potential gaps in continuity and experience within the board due to new member integration.

DUBLIN--(BUSINESS WIRE)--Allegion plc (NYSE: ALLE), a leading global security products and solutions provider, has appointed Dev Vardhan, senior partner at McKinsey & Company’s Chicago office, to the company's board of directors.

Vardhan has been with McKinsey & Company for more than 25 years, and he has extensive experience in defining and strengthening strategies for global organizations with footprints that align to Allegion’s business regions.

“There’s no doubt that, as an expert in digital and business transformation, Dev will be a very valuable member of our board,” said David D. Petratis, chairman, president and CEO of Allegion. “His broad background in supporting global organizations like ours in manufacturing and supply-chain design, M&A and innovation has many synergies both with our seamless access strategy and with our own strategic pillars for growth, like ‘deliver new value in access,’ ‘be the partner of choice’ and ‘enterprise excellence.’ We’re honored and proud to have him as a part of the Allegion family.”

With this addition, Allegion now has an eight-member board of directors, and seven of those members are independent. Vardhan will be a member of Allegion’s Compensation Committee as well as its Corporate Governance and Nominating Committee.

Prior to McKinsey & Company, Vardhan worked for Hindustan Lever – Unilever’s Indian subsidiary – and for the Indian Administrative Service, serving in several senior public-sector and government roles. He received an MBA from the Stanford Graduate School of Business and was designated an Arjay Miller Scholar. He was also a valedictorian in his Bachelor of Technology class at the Indian Institute of Technology.

About Allegion
Allegion (NYSE: ALLE) is a global pioneer in seamless access, with leading brands like CISA^®, Interflex^®, LCN^®, Schlage^®, SimonsVoss^® and Von Duprin^®. Focusing on security around the door and adjacent areas, Allegion secures people and assets with a range of solutions for homes, businesses, schools and institutions. Allegion had $2.9 billion in revenue in 2019 and sells products in almost 130 countries.

For more, visit www.allegion.com.