- Push-out Score determined
- After 14 years in the position
- Praise, thanks and good wishes for McHale
- Mark Sheahan taking over
- McHale said 68 words
(exechange) — Minneapolis, Minnesota, February 16, 2021 — This news came the day after Presidents’ Day. Pat McHale, chief executive of Graco, leaves. As announced by Graco Inc. in a news release and in a regulatory filing published on Tuesday, February 16, 2021, Patrick J. (Pat) McHale leaves his post as chief executive officer of the manufacturer of fluid handling equipment after 14 years in the role, effective June 10, 2021.
Pat McHale’s duties as CEO will be taken over by Mark W. Sheahan, currently Chief Financial Officer and Treasurer of Graco Inc.
“Thorough and thoughtful succession planning process”
Pat McHale’s departure from the CEO post is explained as follows. Lee R. Mitau, Chairman of the Board, said: “After a thorough and thoughtful succession planning process, Mark is the clear choice to lead Graco into the future as President and CEO.”
Precise information regarding Pat McHale’s future plans was not immediately available.
“Retire”
Graco said: “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.”
Share price increase since February 2020
The announcement follows an increase in Graco Inc.’s share price of 34% since February 2020.
Chaired by Lee R. Mitau
Lee R. Mitau serves as Graco Inc.’s Chairman.
In the position of CEO since 2007
Pat McHale became CEO of the Company in 2007.
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 Sheahan a director effective June 10, 2021.
McHale is President and Chief Executive Officer of Graco Inc., a position he has held since June 2007.
He served as Vice President and General Manager, Lubrication Equipment Division of Graco from June 2003 until June 2007.
He was Vice President, Manufacturing and Distribution Operations from April 2001 until June 2003.
He served as Vice President, Contractor Equipment Division from February 2000 to March 2001.
Prior to becoming Vice President, Lubrication Equipment Division in September 1999, he held various manufacturing management positions in Minneapolis, Minnesota; Plymouth, Michigan; and Sioux Falls, South Dakota.
McHale joined the Company in December 1989 and has been a director since June 2007.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Pat McHale’s move on a scale of 0 to 10.
exechange reached out to Graco and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 8.2021 ($).