Benzinga | Dec 3, 2021 07:36AM EST

Trane Technologies Names CEO Dave Regnery As Chair Of Board; Boosts Dividend By 14%

* Trane Technologies PLC (NYSE:TT) intends to raise its dividend by 14% from 1Q22. The quarterly dividend will increase from $0.59 to $0.67 per share, increasing annually from $2.36 to $2.68 per share.

* "When combined with our dividend increase of 11% in the first quarter of 2021, the annual dividend is expected to be up 26% since the separation of our industrial businesses and the launch of Trane Technologies in March of 2020," said CEO Dave Regnery.

* Separately, the company announced the appointment of 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 will retire from the company on December 31, 2021.

* Price Action: TT shares closed higher by 3.09% at $190.56 on Thursday.