8-KLeadership ChangesExhibits & Filings

SHERWIN WILLIAMS CO 8-K Report, Executive Changes (Nov 14, 2024)

Filed November 14, 2024For Securities:SHW

Summary

The Sherwin-Williams Company (SHW) has announced significant leadership transitions effective January 1, 2025. John G. Morikis will retire as Executive Chairman of the Board, stepping down from his role but remaining a director until the 2025 Annual Meeting of Shareholders. This transition is not due to any disagreements with the company. Concurrently, Heidi G. Petz, currently President and CEO, will assume the additional role of Chair of the Board, consolidating leadership. Additionally, Jane M. Cronin, Senior Vice President – Enterprise Finance and principal accounting officer, will retire from her principal accounting officer role but continue in a non-officer capacity. J. Paul Lang has been appointed as the new Senior Vice President – Enterprise Finance & Chief Accounting Officer. Mr. Lang's compensation package and severance arrangements have been detailed, reflecting his new responsibilities.

Key Highlights

  • 1John G. Morikis to retire as Executive Chairman of the Board effective December 31, 2024.
  • 2Heidi G. Petz, current President and CEO, will assume the role of Chair of the Board effective January 1, 2025.
  • 3Jane M. Cronin, principal accounting officer, to retire from that specific role effective December 31, 2024.
  • 4J. Paul Lang appointed as Senior Vice President – Enterprise Finance & Chief Accounting Officer, effective January 1, 2025.
  • 5Mr. Lang's new compensation includes a $400,000 base salary, a 45% target annual incentive, and standard executive severance provisions.
  • 6Mr. Morikis' departure as Executive Chairman is not due to any disagreement with the Board or the Company.
  • 7Mr. Morikis will continue as a director until the 2025 Annual Meeting of Shareholders.

Frequently Asked Questions

John G. Morikis is retiring as Executive Chairman, and Heidi G. Petz, the current CEO, will also become Chair of the Board. Jane M. Cronin is retiring as principal accounting officer, and J. Paul Lang is appointed to that role.

The changes for the Executive Chairman, Chair of the Board, and the new Chief Accounting Officer are effective January 1, 2025. Jane M. Cronin's retirement from her principal accounting officer role is effective at the close of business on December 31, 2024.

Yes, Mr. Morikis will continue to serve as a non-employee director of Sherwin-Williams from January 1, 2025, until the 2025 Annual Meeting of Shareholders. He will receive standard director compensation for this role.

J. Paul Lang will receive an annual base salary of $400,000, a target annual incentive award of 45% of his base salary (with a maximum of 90%), and will enter into standard officer indemnity and change-in-control severance agreements.