Summary
The Sherwin-Williams Company (SHW) has announced significant leadership changes effective March 1, 2022. Heidi G. Petz has been appointed President and Chief Operating Officer, reporting to Chairman and CEO John G. Morikis. This promotion signifies a key move within the executive team, with Ms. Petz taking on broader operational responsibilities. Her compensation package includes an increased base salary, annual cash and long-term equity incentives tied to company performance, and a new grant of performance-based restricted stock units (PRSUs) contingent on 2022-2024 earnings per share and return on net assets.
Key Highlights
- 1Heidi G. Petz appointed President and Chief Operating Officer, effective March 1, 2022.
- 2Ms. Petz will report directly to Chairman and CEO John G. Morikis.
- 3Justin T. Binns promoted to President, The Americas Group.
- 4Karl J. Jorgenrud appointed President, Performance Coatings Group.
- 5Ms. Petz's compensation includes a base salary of $800,000 and performance-based incentives.
- 6Ms. Petz received a grant of 4,500 performance-based restricted stock units (PRSUs) with vesting based on 2022-2024 performance metrics.
- 7The company announced these leadership changes via a press release dated February 17, 2022.
Frequently Asked Questions
Heidi G. Petz's promotion to President and Chief Operating Officer is a significant development, indicating her increased responsibility within Sherwin-Williams' senior leadership. She will now oversee broader operational aspects of the company and report directly to the CEO, suggesting a key role in the company's strategic execution and future growth.
Ms. Petz's new role comes with a base salary of $800,000. She will also be eligible for annual cash incentives with target opportunities at 100% of her base salary and maximum opportunities at 200%. Additionally, she has received a grant of 4,500 performance-based restricted stock units (PRSUs) that will vest in February 2025, contingent on the company achieving specific cumulative earnings per share and average return on net assets targets between 2022 and 2024.
In conjunction with Ms. Petz's promotion, Sherwin-Williams also announced that Justin T. Binns will step into the role of President, The Americas Group, succeeding Ms. Petz. Furthermore, Karl J. Jorgenrud has been appointed as President, Performance Coatings Group, taking over from Mr. Binns. These are effective March 1, 2022.
Based on the filing, there are no reported family relationships between Ms. Petz, Mr. Binns, or Mr. Jorgenrud and any current director or executive officer of Sherwin-Williams. Additionally, there are no reportable related party transactions involving these individuals.