Sherwin-Williams Executive Chairman John Morikis to Retire; President and CEO Heidi Petz Elected Chair
Sherwin-Williams announced that Executive Chairman John G. Morikis will retire on December 31, 2024, after 40 years with the company. He will remain on the Board until April 2025. The Board has elected current President and CEO Heidi G. Petz to assume the additional role of Chair effective January 1, 2025.
Petz joined Sherwin-Williams through the Valspar acquisition in 2017 and has held various leadership positions including President of Consumer Brands Group and The Americas Group. The Board believes this unified leadership structure, with Petz serving as both CEO and Chair, will provide the most efficient and effective model for the company.
Sherwin-Williams ha annunciato che il Presidente Esecutivo John G. Morikis si ritirerà il 31 dicembre 2024, dopo 40 anni di servizio nella compagnia. Rimarrà nel Consiglio fino ad aprile 2025. Il Consiglio ha eletto l'attuale Presidente e CEO Heidi G. Petz per assumere il ruolo aggiuntivo di Presidente a partire dal 1 gennaio 2025.
Petz è entrata in Sherwin-Williams attraverso l'acquisizione di Valspar nel 2017 e ha ricoperto varie posizioni di leadership, inclusa quella di Presidente del gruppo Consumer Brands e del gruppo delle Americhe. Il Consiglio è convinto che questa struttura di leadership unificata, con Petz che ricopre sia il ruolo di CEO che di Presidente, fornirà il modello più efficiente ed efficace per l'azienda.
Sherwin-Williams anunció que el Presidente Ejecutivo John G. Morikis se retirará el 31 de diciembre de 2024, después de 40 años en la empresa. Permanecerá en la Junta hasta abril de 2025. La Junta ha elegido a la actual Presidenta y CEO Heidi G. Petz para asumir el rol adicional de Presidenta a partir del 1 de enero de 2025.
Petz se unió a Sherwin-Williams a través de la adquisición de Valspar en 2017 y ha ocupado varios puestos de liderazgo, incluyendo Presidenta del grupo de Marcas de Consumo y del grupo de América. La Junta cree que esta estructura de liderazgo unificada, con Petz sirviendo como CEO y Presidenta, proporcionará el modelo más eficiente y efectivo para la empresa.
셔윈-윌리엄스는 존 G. 모리키스 이사회 의장이 2024년 12월 31일에 퇴임한다고 발표했습니다. 그는 회사에서 40년을 근무했습니다. 모리키스 의장은 2025년 4월까지 이사회에 남아있습니다. 이사회는 현재의 사장 겸 CEO인 하이디 G. 페츠를 2025년 1월 1일부터 의장직을 겸임하도록 선출했습니다.
페츠는 2017년 발스파 인수로 셔윈-윌리엄스에 합류했으며, 소비재 브랜드 그룹 및 아메리카스 그룹의 사장 등 다양한 리더십 직책을 역임했습니다. 이사회는 페츠가 CEO와 의장직을 모두 맡는 통합된 리더십 구조가 회사에 가장 효율적이고 효과적인 모델을 제공할 것이라고 믿고 있습니다.
Sherwin-Williams a annoncé que le Président Exécutif John G. Morikis prendra sa retraite le 31 décembre 2024, après 40 ans au sein de l'entreprise. Il restera au Conseil d'Administration jusqu'en avril 2025. Le Conseil a élu l'actuelle Présidente et CEO Heidi G. Petz pour assumer le rôle supplémentaire de Présidente à partir du 1er janvier 2025.
Petz a rejoint Sherwin-Williams grâce à l'acquisition de Valspar en 2017 et a occupé divers postes de direction, y compris Présidente du groupe des Marques Consommateurs et du groupe des Amériques. Le Conseil croit que cette structure de leadership unifiée, avec Petz servant à la fois comme CEO et Présidente, fournira le modèle le plus efficace et efficient pour l'entreprise.
Sherwin-Williams gab bekannt, dass der Executive Chairman John G. Morikis am 31. Dezember 2024 nach 40 Jahren im Unternehmen in den Ruhestand gehen wird. Er wird bis April 2025 im Aufsichtsrat bleiben. Der Aufsichtsrat hat die derzeitige Präsidentin und CEO Heidi G. Petz gewählt, die ab dem 1. Januar 2025 zusätzlich die Rolle der Vorsitzenden übernehmen wird.
Petz kam 2017 durch die Akquisition von Valspar zu Sherwin-Williams und hat verschiedene Führungspositionen innegehabt, darunter Präsidentin der Consumer Brands Group und der Americas Group. Der Aufsichtsrat ist der Ansicht, dass diese einheitliche Führungsstruktur, bei der Petz sowohl CEO als auch Vorsitzende ist, das effizienteste und effektivste Modell für das Unternehmen darstellt.
- Planned and orderly leadership transition indicating organizational stability
- Unified leadership structure under CEO/Chair potentially improving operational efficiency
- New Chair has extensive experience across multiple company divisions
- None.
Insights
This leadership transition, while orderly and well-planned, represents primarily a governance change rather than a significant strategic shift. Heidi Petz has already been serving as CEO since January 2024 and the consolidation of the Chair role follows a common corporate governance model. Her extensive experience across multiple business units and previous companies, particularly her involvement post-Valspar acquisition, suggests operational continuity.
The market impact should be minimal as this represents the final step in an already-announced succession plan. Sherwin-Williams' fundamental business strategy and market position remain unchanged. The unified leadership structure under Petz may streamline decision-making, but the immediate effect on company operations and financial performance is likely to be neutral.
"My deep and sincere thanks go to John for his exceptional leadership, dedication and vision over his distinguished career with Sherwin-Williams," commented Ms. Petz. "John's passion for driving the success of our customers and our employees resulted in strong and sustained performance by our Company throughout his tenure. He leaves us with a tremendous foundation upon which we can continue to build profitable growth for years to come. We wish him all the best in his well-deserved retirement."
Ms. Petz joined Sherwin-Williams with the acquisition of The Valspar Corporation in 2017. Since joining the Company, she has held positions of increasing responsibility, including President of the Consumer Brands Group, President of The Americas Group and, prior to her current role, President and Chief Operating Officer. Prior to joining Sherwin-Williams and Valspar, Ms. Petz held various leadership roles with Newell Rubbermaid, Target Corporation and PricewaterhouseCoopers.
"This announcement is the result of a defined and thoughtful leadership transition process for the Company and the Board," said Jeff M. Fettig, Sherwin-Williams Lead Director. "The Board believes this leadership structure, with Heidi serving as both CEO and Chair, is the most efficient and effective model for the Company as it provides unified leadership and focus. Heidi's broad business experience, including her successful career in various key corporate and business unit leadership positions with the Company, makes her well suited for this role.
On behalf of the Board of Directors, our shareholders, customers, employees and other stakeholders, I thank John for his four decades of extraordinary service to Sherwin-Williams. His decisive leadership and strategic direction drove consistently strong results for the Company. John leaves us positioned exceedingly well for the future, and we wish him a happy and healthy retirement."
About The Sherwin-Williams Company
Founded in 1866, The Sherwin-Williams Company is a global leader in the manufacture, development, distribution, and sale of paint, coatings and related products to professional, industrial, commercial, and retail customers. The Company manufactures products under well-known brands such as Sherwin-Williams®, Valspar®, HGTV HOME® by Sherwin-Williams, Dutch Boy®, Krylon®, Minwax®,
INVESTOR RELATIONS CONTACTS:
Jim Jaye
Senior Vice President, Investor Relations & Corporate Communications
Direct: 216.515.8682
investor.relations@sherwin.com
Eric Swanson
Vice President, Investor Relations
Direct: 216.566.2766
investor.relations@sherwin.com
MEDIA CONTACT:
Julie Young
Vice President, Global Corporate Communications
Direct: 216.515.8849
corporatemedia@sherwin.com
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SOURCE The Sherwin-Williams Company
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