CEO selection is result of well-developed
process ensuring a seamless transition
focused on strength, momentum and growth
CLEVELAND, Oct. 11,
2023 /PRNewswire/ -- The Sherwin-Williams
Company (NYSE: SHW) announced today that its Board of
Directors has elected Heidi G. Petz
to serve as the Company's next Chief Executive Officer (CEO),
effective January 1, 2024. Ms. Petz,
48, who has served as President and Chief Operating Officer of
Sherwin-Williams for the last two years, will assume the CEO duties
currently held by Chairman and CEO John G.
Morikis. Ms. Petz will continue to serve as President. After
serving as CEO since 2016, Mr. Morikis will continue to serve as
Executive Chairman. In addition, the Board increased its size from
10 to 11 members and elected Ms. Petz to fill the resulting
vacancy, effective October 10,
2023.
"Today's announcement follows a comprehensive process and
multi-year organizational succession plan to identify the best
candidate to lead the Company," said Mr. Morikis. "Heidi has been
an invaluable member of my leadership team, demonstrating a record
of driving growth and operational excellence that has generated
increased value for our customers, shareholders and employees. With
this transition, Heidi becomes only the tenth CEO in the 157-year
history of the Company. Supported by a deep and experienced senior
leadership team, she is the right leader to accelerate achievement
of the Company's growth and profitability goals."
Prior to serving as the Company's President and Chief Operating
Officer, Ms. Petz served as President of The Americas Group and
previous to that role, served as President of the Consumer Brands
Group, successfully leading both of these global businesses through
some of the most challenging periods in the Company's history. Ms.
Petz joined the Company in June 2017
in connection with the Valspar acquisition. Prior to joining
Valspar in 2013, she held various leadership positions with Target
Corporation, Newell Rubbermaid and
PriceWaterhouseCoopers.
"The selection of Heidi as CEO is the result of a well-developed
and thoughtful process to ensure a seamless leadership transition
that focuses on strength, momentum and growth," commented
Jeff M. Fettig, Sherwin-Williams
Lead Director. "We are pleased John has agreed to remain in his
role as Executive Chairman, continuing an incredible career that
began 39 years ago as a member of one of the first Sherwin-Williams
management trainee classes, progressing through numerous roles of
increasing responsibility, and ultimately ascending to CEO. On
behalf of the entire Board, we thank John for his extraordinary
leadership, commitment and dedication to Sherwin-Williams, as well
as his many accomplishments and business decisions that drove the
Company's strong performance and unprecedented growth during his
tenure as CEO."
Ms. Petz succeeds Mr. Morikis surrounded by a highly experienced
group of leaders, which remains intact and averages 27 years of
Sherwin-Williams experience. Allen J.
Mistysyn will continue as Senior Vice President – Finance
and Chief Financial Officer, and Justin T.
Binns, Karl J. Jorgenrud and
Todd D. Rea will continue as leaders
of the Company's reportable segments. Colin
M. Davie will lead the global supply chain organization,
inclusive of global manufacturing operations, which will continue
to be led by Joseph F. Sladek. Mr.
Binns and Mr. Jorgenrud will assume additional enterprise-wide
responsibilities, including greater engagement with the global
supply chain organization to accelerate customer solutions and
drive productivity.
Ms. Petz serves on the Board of Directors of Ulta Beauty,
Inc. She also serves on the Board of the University Hospitals
Health System in Cleveland, Ohio
and is a member of the Harvard Joint Center for Housing Studies
Policy Advisory Board. She holds a bachelor's degree in business
and leadership from the University of
Richmond, and an MBA from Loyola
University Maryland.
The Company will conduct a conference call to discuss this
announcement at 10:00 a.m. EDT on Wednesday,
October 11, 2023. The conference call will be webcast
simultaneously in the listen only mode by Issuer Direct. To listen
to the webcast on the Sherwin-Williams website, click
on https://investors.sherwin-williams.com/events-and-presentations/default.aspx,
then click on the webcast icon following the reference to the
Leadership Webcast. The webcast will also be available at Issuer
Direct's Investor Calendar website, www.investorcalendar.com.
An archived replay of the webcast will be available at this link
https://investors.sherwin-williams.com/events-and-presentations/default.aspx
beginning approximately two hours after the call ends.
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®,
Thompson's® WaterSeal®,
Cabot® and many more. With global headquarters in
Cleveland, Ohio,
Sherwin-Williams® branded products are sold exclusively
through a chain of more than 5,000 Company-operated stores and
branches, while the Company's other brands are sold through leading
mass merchandisers, home centers, independent paint dealers,
hardware stores, automotive retailers, and industrial distributors.
The Sherwin-Williams Performance Coatings Group supplies a broad
range of highly-engineered solutions for the construction,
industrial, packaging and transportation markets in more than 120
countries around the world. Sherwin-Williams shares are traded on
the New York Stock Exchange (symbol: SHW). For more information,
visit www.sherwin.com.
Investor Relations Contacts:
Jim Jaye
Senior Vice President, Investor Relations & Corporate
Communications
Sherwin-Williams
Direct: 216.515.8682
investor.relations@sherwin.com
Eric Swanson
Vice President, Investor Relations
Sherwin-Williams
Direct: 216.566.2766
investor.relations@sherwin.com
Media Contact:
Julie
Young
Vice President, Global Corporate Communications
Sherwin-Williams
Direct: 216.515.8849
corporatemedia@sherwin.com
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SOURCE The Sherwin-Williams Company