The Sherwin-Williams Company announced that its board of directors has elected Heidi G. Petz to serve as the company's next chief executive officer (CEO), effective January 1, 2024. Ms. Petz, 48, who has served as president and chief operating officer of Sherwin-Williams for the last two years, will assume the CEO duties currently held by Chairman and CEO John G. Morikis. Ms. Petz will continue to serve as President.

After serving as CEO since 2016, Mr. Morikis will continue to serve as Executive Chairman. Prior to serving as the company's president and chief operating officer, Ms. Petz served as President of The Americas Group and previous to that role, served as President of the Consumer Brands Group, successfully leading both of these global businesses through some of the most challenging periods in the company's history. Ms. Petz joined the company in June 2017 in connection with the Valspar acquisition.

Prior to joining Valspar in 2013, she held various leadership positions with Target Corporation, Newell Rubbermaid and PriceWaterhouseCoopers. Ms. Petz succeeds Mr. Morikis surrounded by a highly experienced group of leaders, which remains intact and averages 27 years of Sherwin-Williams experience. Allen J. Mistysyn will continue as Senior Vice President SHY-- Finance and Chief Financial Officer, and Justin T. Binns, Karl J. Jorgenrud and Todd D. Rea will continue as leaders of the company's reportable segments.

Colin M. Davie will lead the global supply chain organization, inclusive of global manufacturing operations, which will continue to be led by Joseph F. Sladek. Mr. Binns and Mr. Jorgenrud will assume additional enterprise-wide responsibilities, including greater engagement with the global supply chain organization to accelerate customer solutions and drive productivity. Ms. Petz serves on the Board of Directors of Ulta Beauty Inc. She also serves on the Board of the University Hospitals Health System in Cleveland, Ohio and is a member of the Harvard Joint Center for Housing Studies Policy Advisory Board.

She holds a bachelor's degree in business and leadership from the University of Richmond, and an MBA from Loyola University Maryland.