Ingersoll-Rand names Shawley CFO to replace Gelly

Shawley, 55, replaces James Gelly, who resigned last week, the company said.

Most recently, Shawley served as senior vice president and president of the company's climate control technologies sector. Before that, he was president of the company's climate control Americas business, and served as vice president and controller of the company from 1999 to 2002. He joined Ingersoll-Rand in 1997.

Didier Teirlinck, president of Ingersoll-Rand's climate control Europe division, will succeed Shawley as climate control technologies president.

Additionally, Ingersoll-Rand elected two new directors, expanding its board to 13 members. The directors, Jared L. Cohon and Edward E. Hagenlocker, previously served on the board of Trane Inc., which Ingersoll-Rand acquired on last week.

Also joining Ingersoll-Rand from Trane are David R. Pannier, who will serve as president of the residential systems business; Mary Beth Gustafsson, vice president and deputy general counsel; David Kuhl, vice president and treasurer; and Edward Schlesinger, vice president of audit services.

Ingersoll-Rand shares fell $2.37, or 5.6 percent, to $40.33 in midday trading. Shares have traded between $34.46 and $56.66 in the past 12 months.