International. Sherwin-Williams ' board of directors elected Heidi Petz as Chief Executive Officer effective January 1, 2024.
Petz, who served as president and chief operating officer of Sherwin-Williams for the past two years, will assume the CEO duties currently held by President and Chief Executive Officer John G. Morikis.
Petz will continue to serve as president. After serving as CEO since 2016, 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 on October 10.
"The 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 track record of driving growth and operational excellence that has generated greater value for our customers, shareholders and employees. With this transition, Heidi becomes only the tenth CEO in the Company's 157-year history."
"Backed by a deep and experienced senior leadership team, she is the right leader to accelerate the achievement of the Company's growth and profitability goals."
Prior to serving as the company's president and chief operating officer, Petz served as president of The Americas Group and, prior to that role, served as president of Consumer Brands Group, successfully leading both global businesses during some of the most challenging periods in the company's history.
Ms. Petz joined the Company in June 2017 in connection with the acquisition of Valspar. Prior to joining Valspar in 2013, he held various leadership positions at Target Corporation, Newell Rubbermaid, and PriceWaterhouseCoopers.
"The selection of Heidi as CEO is the result of a thoughtful and well-developed process to ensure a smooth leadership transition that focuses on strength, momentum and growth," said Jeff M. Fettig, principal at Sherwin-Williams.
"We are pleased that 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 Sherwin-Williams' first management training classes, progressing through numerous roles of increasing responsibility and ultimately rising to CEO," said Jeff M. Fettig.
"On behalf of the entire Board, we thank John for his extraordinary leadership, commitment and dedication to Sherwin-Williams, as well as his numerous accomplishments and business decisions that drove the Company's strong performance and unprecedented growth during his tenure as CEO," said Fettig.
Petz succeeds Morikis surrounded by a highly experienced leadership group, which remains intact and has an average of 27 years of experience at Sherwin-Williams.
Allen J. Mistysyn will continue as senior vice president of 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, including global manufacturing operations, which will continue to be led by Joseph F. Sladek. Binns and Jorgenrud will take on additional responsibilities across the company, including increased engagement with the global supply chain organization to accelerate customer solutions and drive productivity.
Petz serves on the board of directors of Ulta Beauty, Inc. He also serves on the board of the University Hospitals Health System in Cleveland, Ohio and serves on the Policy Advisory Board of the Harvard Joint Center for Housing Studies.
