Sherwin-Williams (NYSE:SHW) shares leaped after announcing Heidi G. Petz would assume the chief executive role beginning Jan. 1, 2024. Petz will also continue in her role as president after assuming CEO duties.
Petz, 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, 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 Tuesday.
“Today’s announcement follows a comprehensive process and multi-year organizational succession plan to identify the best candidate to lead the Company,” said 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.”
Prior to serving as the Company’s President and Chief Operating Officer, 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. Petz joined the Company in June 2017 in connection with the Valspar acquisition.
SHW shares popped $3.60, or 1.4%, to $256.80.