CLEVELAND — The Sherwin-Williams Company is set to undergo a change at the top of its leadership team.
The Cleveland-based paint and coating company has announced that Heidi Petz will become its next CEO, effective on January 1, 2024. Petz currently serves as Sherwin-Williams' president and chief operating officer and will continue to hold the title of president. In addition, Petz will fill a seat on the company's board of directors.
After serving as CEO since 2016, John Morikis will remain at Sherwin-Williams as its executive chairman. He has been with the company since 1984 and has been its chairman since 2017.
“Today’s announcement follows a comprehensive process and multi-year organizational succession plan to identify the best candidate to lead the Company,” said Morikis in a statement. “Heidi has been an invaluable member of my leadership team, demonstrating a record of driving growth and operational excellence that has generated increased value for our customers, shareholders and employees. With this transition, Heidi becomes only the tenth CEO in the 157-year history of the Company. Supported by a deep and experienced senior leadership team, she is the right leader to accelerate achievement of the Company’s growth and profitability goals.”
Before joining Sherwin-Williams, the 48-year-old Petz served as president of The Americas Group and previous to that role, served as president of the Consumer Brands Group. She came to Sherwin-Williams in June of 2017 in connection with the company's Valspar acquisition. Prior to joining Valspar in 2013, Petz held various leadership positions with Target Corporation, Newell Rubbermaid and PriceWaterhouseCoopers.
"Sherwin-Williams has never been better positioned for continued success than we are today," Petz said in an announcement video released by the company. "We have unlimited profitable growth opportunities around the world. More importantly, we have the people, the experience, the strength of our global asset base, and extensive resources to seize these growth opportunities."
The change in leadership at Sherwin-Williams comes as the company's footprint in Northeast Ohio is expanding.
Sherwin-Williams' new global headquarters facility will be approximately 1 million square feet in size and located just west of Public Square between Saint Clair Avenue and Superior Avenue. It will consist of three parts: office tower, pavilion, and parking garage. More than 3,100 employees will be housed in the new headquarters.
The 36-story Headquarters Tower is slated to become one of the tallest buildings in downtown Cleveland. The parking garage would feature approximately 920 spaces with five levels above grade and one basement level, while the pavilion would be the point of visitor entry and would feature Sherwin-Williams' Center of Excellence and a place for learning and development.
Meanwhile, Sherwin-Williams is turning a 119-acre site at 6701 Miller Road in Brecksville into a 600,000-square-foot campus that will serve as the company's global research and development center. The site will hold approximately 900 employees.
Sherwin-Williams is investing a minimum of $600 million into the overall project. Plans call for work on the two facilities to be completed by the end of 2024.
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