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Ingersoll-Rand Gets New CEO

Company promoted its chief operating officer, Michael Lamach, to CEO, succeeding Herbert Henkel who is retiring after 10 years leading Ingersoll-Rand.

NEW YORK (AP) -- Ingersoll-Rand PLC promoted its chief operating officer to CEO on Thursday.

Michael Lamach, 46, will also take over as chairman in June.

He succeeds Herbert Henkel, 61, who is retiring from the CEO post after 10 years leading the company, which is based in Swords, Ireland, and makes cooling systems.

Richard Swift, the company's lead independent director, praised Henkel for helping to reshape Ingersoll-Rand.

"Ingersoll-Rand is far more global, better balanced between equipment and services, and less cyclical than it was a decade ago when it consisted of primarily construction and heavy machinery businesses," Swift said in a printed statement.