Patrick J. McHale to Retire as Graco’s President & CEO

Rhea-AI Summary

Graco Inc. (NYSE:GGG) announced the appointment of Mark W. Sheahan as President and CEO, effective June 10, 2021, following Patrick J. McHale's retirement. McHale, who has led Graco since 2007, will assist Sheahan during the transition until September 15, 2021. Sheahan, 56, has been with Graco since 1995 and served as CFO since 2018. The Board Chairman, Lee R. Mitau, emphasized Sheahan’s proven leadership and strategic capabilities, anticipating a smooth transition as Graco continues to prioritize operational excellence and innovation.

Positive

• Mark W. Sheahan appointed as new President and CEO, which may ensure continuity in leadership.
• Sheahan brings extensive experience within Graco, having served in various roles since 1995, including CFO.
• The leadership transition is supported by continued involvement of outgoing CEO Patrick J. McHale.

Negative

• None.

Graco Inc. (NYSE:GGG), a leading manufacturer of fluid handling equipment, announced today that Mark W. Sheahan has been appointed President and Chief Executive Officer of the Company effective June 10, 2021. He succeeds Patrick J. McHale who, on Feb. 11, 2021, submitted his notice of intent to retire from the Company. Mr. McHale will step down from his CEO and board positions on June 10, 2021, but will remain employed by the Company through Sept. 15, 2021 to assist with the leadership transition. The board also appointed Mr. Sheahan a director effective June 10, 2021.

“After a thorough and thoughtful succession planning process, Mark is the clear choice to lead Graco into the future as President and CEO,” said Lee R. Mitau, Chairman of the Board. “In addition to successful corporate roles including most recently as CFO, Mark has a decade of experience leading a large and complex Graco division where he successfully developed and implemented business strategies and delivered exceptional results.”

Mr. Sheahan, 56, joined Graco in 1995. He has served as Chief Financial Officer and Treasurer since 2018. From 2008 to 2018, he was Vice President and General Manager of the Applied Fluid Technologies Division. He served in various corporate roles from 1995 to 2008. Mr. Sheahan graduated from the Carlson School of Management, University of Minnesota, with a Bachelor of Science in Business degree (accounting concentration). He also attended William Mitchell College of Law, from which he graduated with a juris doctorate degree.

Mr. McHale has been Graco’s President and CEO since 2007, and has worked for the Company for more than 31 years. “It’s been a great honor to spend my career at Graco. We have an outstanding team of employees, a high-performance and fact-based culture, great distributor and supplier partnerships, and a proud history of delivering high-quality and leading-technology products globally for nearly a century,” said Mr. McHale. “I am pleased to be able to pass the leadership torch to Mark, who shares my commitment to Graco’s culture, values, employees and business partners.”

Mr. Mitau thanked Mr. McHale on behalf of the board for his extraordinary leadership at the Company. “Pat’s contributions to Graco have been immense. His relentless drive for operational excellence, product innovation and superior customer service has propelled the Company to ever higher levels of performance. All Graco stakeholders are grateful for Pat’s tireless efforts, and the board wishes him well in retirement.”

ABOUT GRACO

Graco Inc. supplies technology and expertise for the management of fluids in both industrial and commercial applications. It designs, manufactures and markets systems and equipment to move, measure, control, dispense and spray fluid and powder materials. A recognized leader in its specialties, Minneapolis-based Graco serves customers around the world in the manufacturing, processing, construction and maintenance industries. For additional information about Graco Inc., please visit us at www.graco.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210216005340/en/

FAQ

Who was appointed as CEO of Graco Inc. in 2021?

Mark W. Sheahan was appointed as the new CEO of Graco Inc. on June 10, 2021.

When did Patrick J. McHale announce his retirement from Graco?

Patrick J. McHale announced his retirement from Graco on February 11, 2021.

What is the significance of Mark W. Sheahan's appointment for Graco's future?

Mark W. Sheahan's appointment is significant as he has extensive experience in the company and is expected to ensure continued leadership stability and strategic direction.

What role did Mark W. Sheahan have before becoming CEO?

Before becoming CEO, Mark W. Sheahan served as Chief Financial Officer and Treasurer of Graco Inc.

What was Patrick J. McHale's role at Graco before his retirement?

Patrick J. McHale was the President and CEO of Graco Inc. before announcing his retirement.