"I'd like to thank Chris for his exemplary vision, guidance and leadership over his distinguished career with Sherwin-Williams," John Morikis, president and CEO, said. "Chris set very high standards for our company and his influence will be felt for many years to come."
CLEVELAND, Ohio -- Christopher M. Connor, executive chairman and past chief executive of the Sherwin-Williams Co., will retire from his role with the company at the close of business on Dec. 31, 2016, the company announced late Monday.
Connor, who has spent 34 years at the Cleveland paint company, the last 16 as its eighth chairman and CEO, will remain on the board of directors until his current term ends at the 2017 annual shareholders meeting next April.
John G. Morikis, who has served as president and CEO since Jan. 1, 2016, will also serve as the company's chairman starting next Jan. 1, 2017.
Sherwin-Williams, founded in Cleveland in 1866, is one of the world's largest manufactures, distributors and retailers of coatings and related products, with nearly 4,100 stores in North America. The company posted a record $11.3 billion in sales in 2015, including nearly $1.1 billion in profits.
"I'd like to thank Chris for his exemplary vision, guidance and leadership over his distinguished career with Sherwin-Williams," Morikis said in a written announcement. "Chris set very high standards for our company and his influence will be felt for many years to come."
Morikis, who joined Sherwin-Williams in December 1984 as a management trainee in its Paint Stores Group, had been president and chief operating officer for nine years before being named Connor's successor in October 2015.
John M. Stropki, Sherwin-Williams' lead director, said in a written announcement that the moves announced Monday night were the culmination of a planned leadership transition. "The Board believes that John's long and effective career with the company, and the passion, energy and integrity he exhibits, makes him well suited for the additional position of chairman, and that his election is clearly in the best interests of the company and our shareholders."
"On behalf of the Sherwin-Williams Board of Directors, our shareholders, customers and employees, I want to express our heartfelt appreciation to Chris for his many years of exceptional service. Chris led Sherwin-Williams through a period of unprecedented growth and prosperity, and our shareholders benefitted greatly from his leadership and vision," Stropki added.
The announcement was made after the markets closed on Monday. Sherwin-Williams' shares closed at $247.97 on Monday, up $5.43 from Friday's close.