Summary
The Sherwin-Williams Company (SHW) announced significant leadership changes effective March 1, 2019, through an 8-K filing. David B. Sewell has been appointed as the new President and Chief Operating Officer, reporting directly to Chairman and CEO John G. Morikis. This promotion comes with a base salary increase to $750,000 and participation in incentive and long-term equity compensation programs, including a performance-based restricted stock unit (RSU) grant tied to future earnings per share and return on net assets. In addition to Mr. Sewell's promotion, the company also announced the appointments of Aaron M. Erter as President of the Performance Coatings Group and Robert F. Lynch as President of the Consumer Brands Group, filling the positions vacated by Mr. Sewell and Mr. Erter, respectively. These strategic leadership adjustments are designed to support the company's ongoing operational and growth strategies.
Key Highlights
- 1David B. Sewell appointed as President and Chief Operating Officer, effective March 1, 2019.
- 2Mr. Sewell will report to Chairman and CEO John G. Morikis.
- 3Sewell's compensation package includes a base salary of $750,000, annual incentive targets, and equity awards.
- 4Sewell received a performance-based RSU grant contingent on achieving cumulative EPS and ROAN during 2019-2021.
- 5Aaron M. Erter promoted to President, Performance Coatings Group.
- 6Robert F. Lynch promoted to President, Consumer Brands Group.
- 7No family relationships or reportable related party transactions involving Mr. Sewell were disclosed.