- After eight years in the position
- Praise and thanks for Morikis
- Heidi Petz taking over
- Morikis will remain as Executive Chairman at Sherwin-Williams
- Morikis said 90 words
(exechange) — Cleveland, Ohio, October 11, 2023 — John Morikis, chief executive of Sherwin-Williams, leaves his position. As announced by Sherwin-Williams Co. in a news release and in a regulatory filing published on Wednesday, October 11, 2023, John G. Morikis leaves his post as chief executive officer at the maker of paints, coatings and floorcoverings, after eight years in the role, effective December 31, 2023.
John Morikis’s duties as CEO will be taken over by Heidi G. Petz, currently President and Chief Operating Officer at Sherwin-Williams Co.
“Multi-year organizational succession plan”
The management change is explained as follows. Morikis stated: “Today’s announcement follows a comprehensive process and multi-year organizational succession plan to identify the best candidate to lead the Company.”
Morikis will remain as Executive Chairman at Sherwin-Williams
Sherwin-Williams stated: “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.”
Sherwin-Williams said: “On October 10, 2023, John G. Morikis, Chairman and Chief Executive Officer of The Sherwin-Williams Company (“Sherwin-Williams”), notified Sherwin-Williams that he has decided to retire from his position as Chief Executive Officer, effective as of the close of business on December 31, 2023.”
Share price increase since October 2022
The announcement follows an increase in Sherwin-Williams Co.’s share price of 18% since October 2022.
In the position of CEO since 2016
John Morikis became CEO of the Company in 2016.
Morikis has served as Chairman of Sherwin-Williams since January 2017 and Chief Executive Officer of Sherwin-Williams since January 2016.
Morikis previously served as President of Sherwin-Williams from March 2021 to March 2022 and October 2006 to March 2019, Chief Operating Officer from October 2006 to January 2016, and President, Paint Stores Group from October 1999 to October 2006.
Morikis joined Sherwin-Williams in 1984 as a management trainee in the Paint Stores Group and has held roles of increasing responsibility throughout his career.
Morikis is a director of Fortune Brands Innovations, Inc. (NYSE: FBIN) (formerly Fortune Brands Home & Security, Inc.).
Morikis is also Chair and a director of the Policy Advisory Board of the Joint Center for Housing Studies of Harvard University and Vice Chair and a director of University Hospitals Health System, Inc.
90 words by John Morikis
In the release announcing his departure as CEO of Sherwin-Williams Co., John Morikis received praise and thanks.
In announcing his departure, John Morikis said 90 words.
“Only the tenth CEO in the 157-year history”
John Morikis stated: “Today’s announcement follows a comprehensive process and multi-year organizational succession plan to identify the best candidate to lead the Company. 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.”
Push-out Score for John Morikis’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that John Morikis was pushed out or felt pressure to leave his position.
exechange reached out to Sherwin-Williams and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 42.2023 ($).