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.