Sherwin-Williams Combines Chairman, CEO Roles

By Andrew Tangel 

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 [e-mail]

(END) Dow Jones Newswires

November 08, 2016 10:02 ET (15:02 GMT)

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