Allegion plc (ALLE, Financial) has announced a significant change to its Board of Directors, effective December 4, 2024. The company has increased the size of its board to nine directors and appointed Gregg C. Sengstack as a new member. Mr. Sengstack, aged 66, brings a wealth of experience to the board, currently serving as the Executive Chairperson of Franklin Electric Co., Inc., a global leader in water and fuel pumping systems. Prior to this role, he was the Chief Executive Officer of Franklin Electric from 2014 until July 2024.
The Board of Allegion plc has determined that Mr. Sengstack qualifies as an independent director under the New York Stock Exchange listing standards and the company's Corporate Governance Guidelines. In his new role, Mr. Sengstack will contribute to several key committees, including the Audit and Finance Committee, the Compensation and Human Capital Committee, and the Corporate Governance and Nominating Committee.
There are no arrangements or understandings between Mr. Sengstack and any other person that led to his selection and appointment as a director. Furthermore, there are no transactions involving Mr. Sengstack that require disclosure under Item 404(a) of Regulation S-K.
As part of his service on the Board, Mr. Sengstack will receive compensation in line with Allegion's non-employee director compensation program, as outlined in the company's definitive proxy statement filed with the Securities and Exchange Commission (SEC) on April 19, 2024. This compensation may be adjusted by the Board from time to time. Additionally, Mr. Sengstack is expected to enter into Allegion's standard Deed Poll Indemnity.
This strategic appointment is expected to enhance the governance and strategic oversight at Allegion plc, as the company continues to strengthen its leadership team.
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