Sherwin-Williams named Heidi Petz as the next CEO of the 157-year-old paint manufacturer, effective Jan. 1.
Petz will take over from John Morikis, who has served as chairman and CEO since 2016. Morikis, who after serving as CEO since 2016, will continue to serve as executive chairman, the company said in a press release.
Petz currently serves as president and COO of the company, positions she has held for two years. Prior to her C-suite role, Petz was president of Sherwin-Williams’ Americas Group, according to her LinkedIn.
Petz joined Sherwin-Williams in June 2017 when it acquired Valspar, a U.S.-based paint and coatings manufacturer. She held earlier leadership positions with Target, Newell Rubbermaid and PwC.
"The selection of Heidi as CEO is the result of a well-developed and thoughtful process to ensure a seamless leadership transition that focuses on strength, momentum and growth," said Sherwin-Williams Lead Director Jeff Fettig in a statement. "We are pleased John has agreed to remain in his role as Executive Chairman, continuing an incredible career that began 39 years ago as a member of one of the first Sherwin-Williams management trainee classes, progressing through numerous roles of increasing responsibility, and ultimately ascending to CEO.”
Petz will be the first woman running the show out of Sherwin-Williams’ soon-to-be new global headquarters in Cleveland, Ohio, according to the company website. The building will house more than 4,000 employees and is slated to open by the end of 2024.
Petz will continue to serve as president of the company and stay on the 11-member board.
The transition to new leadership comes as Sherwin-Williams continues to deal with stagnant demand from the new housing and remodeling sectors, a drop the company expects to fall even further next year, according to a 2023 investor presentation.
Petz will take on a formidable manufacturing network, with operations in more than 120 countries, 64,000 employees and 136 manufacturing and distribution facilities.
