Allegion Senior Vice President and Chief Financial Officer Patrick Shannon has been named 2019 ‘CFO of the Year’ by the Indianapolis Business Journal (IBJ). Shannon is among an elite list of 15 total honorees, earning this year’s top title for the public companies category, which had three finalists. The IBJ notes that this honor for top financial executives was launched in 2008, “…to spotlight the crucial role that top financial executives play in helping Indiana companies, government agencies and not-for-profits develop strategy and flourish.”
Selection criteria include career history and significant achievements, contribution to a company’s growth, profitability and other areas of corporate management, as well as community activities. As CFO, Shannon is responsible for leading Allegion’s global financial organization. He oversees strategy, business development, investor relations, and treasury, tax, accounting and audit functions.
Expansion of Allegion executive leadership
Patrick has been an essential member of the Allegion executive leadership team since day one"
Allegion Chairman, President and CEO Dave Petratis nominated Shannon for the award, stated “Patrick has been an essential member of the Allegion executive leadership team since day one, playing an active role in every single milestone we have experienced – from helping stand up the company to leading our debut on the New York Stock Exchange to developing the eight core values that guide our workplace culture,” Petratis said. “He is both a trusted advisor and leader to many. His work has helped make ‘Allegion’ synonymous with ‘financial strength.’ I’m proud to partner with him daily.”
Petratis noted that Shannon’s financial leadership has aided the following positive impacts at Allegion, among others:
- Achieved top organic revenue growth and operating margins;
- Delivered high total shareholder return;
- Doubled adjusted earnings per share since Allegion became a standalone company in 2013;
- Increased market capitalization from approximately $4 billion in 2013 to more than $11 billion in 2019;
- Expanded Allegion’s core business through focused capital allocation, with more than 20 acquisitions and investments in the company’s six-year history.
Allegion’s greatest asset
Shannon accepted the honor on Wednesday morning at a ceremony in downtown Indianapolis, near Allegion’s America regional headquarters in Carmel, Indiana, USA. The global company, based in Ireland, does have a strong Indiana presence, employing more than 1,300 people in the state. Upon receiving the award, Shannon expressed his belief that it’s people who truly bring value to Allegion.
“The greater global finance team and all of our partners throughout the business are Allegion’s greatest asset,” Shannon said. “The CFO of the Year honor is a reflection of our company’s incredible people and the strong value they drive for our organization and our shareholders.”