HAMILTON, Bermuda, Jan. 11, 2002 — Ingersoll-Rand Company Limited, a diversified industrial firm, today announced that David W. Devonshire, executive vice president and chief financial officer, will leave the company after a transition period to join Devon Partners, a New York investment banking boutique, as a senior advisor.
Devonshire has been IR's CFO since 1998, with overall responsibilities that have included investor relations, information technology, control, tax, treasury, audit services, strategic planning and business development. An external search will be conducted for his successor.
"As a senior member of IR's leadership team, Dave has been one of the key contributors in helping to strengthen IR, including our recent reincorporation in Bermuda," said Herbert L. Henkel, chairman, president and chief executive officer. "Dave has been instrumental in shaping IR into a strong cash flow generator, and he shepherded the company's transition from a machinery company to a diversified industrial company, which favorably changed the perception of IR among members of the investment community.
"On a personal note, I thank Dave for his counsel, for his help in acclimating me to IR and for his unwavering support over the past two and a half years."
Further information on IR can be found on the company's Web site at www.irco.com.
