Sherwin-Williams Combines Chairman, CEO Roles
November 08 2016 - 10:20AM
Dow Jones News
Sherwin-Williams Co. is again combining its two top jobs with
Chief Executive John Morikis becoming board chairman from the start
of next year.
The Cleveland-based paint maker said Christopher Connor will
step down as executive chairman at the end of the year, and remain
on the board until April.
Mr. Connor, 60 years old, served as CEO and chairman for nearly
two decades, and a company spokesman said Mr. Morikis' assumption
of both roles had long been expected.
Departing CEOs typically stay on as chairman during a
transition, the Sherwin-Williams spokesman said. "This is the way
we always do our transitions," he said.
Other companies have made the reverse move. Caterpillar Inc.,
the Peoria, Ill.,-based maker of heavy machinery, recently decided
to split the roles.
Sherwin-Williams is in the midst of finalizing the more than $9
billion acquisition of paint-maker Valspar Corp, announced in
March.
The companies in late October issued a joint response to what
they called "unfounded market rumors" concerning questions over
regulatory approvals for the merger.
In an Oct. 28 statement, both companies said they were fully
cooperating with the Federal Trade Commission and expect the
transaction to close by the end of the first quarter next year.
Write to Andrew Tangel at Andrew.Tangel@wsj.com
(END) Dow Jones Newswires
November 08, 2016 10:05 ET (15:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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