Cleveland, Ohio/USA
www.sherwin-williams.com
PUBLIC COMPANY; YEAR ESTABLISHED: 1866
REVENUE: $18.4 billion (2022: $16.6 billion)
(Note: Sherwin-Williams reported total revenue of $ 23,051.9 billon for fiscal 2023. However, for purposes of this report, sales of painting tools and equipment are not reported as part of coatings revenue. The above is Coatings World’s estimate.)
MARKETS SERVED:
Architectural coatings; Industrial coatings; Protective and Marine coatings; OEM product finishes; Wood finishes; Aerospace coatings
KEY EXECUTIVES:
Heidi Petz, president and CEO; John Morikis, executive chairman; Allen J. Mistysyn, senior VP – finance and CFO; Mary Garceau, senior VP, general counsel and secretary; Jane Cronin, senior VP, corporate controller.
The Sherwin-Williams Company reported $23,051.9 billion in net sales for 2023. Minus the sale of painting tools and equipment, Coatings World estimates the company’s paint and coatings sales to be approximately $18.4 billion.
Sherwin-Williams manufactures products under well-known brands such as Sherwin-Williams, Valspar, Dutch Boy, HGTV HOME by Sherwin-Williams, Krylon, Minwax, Cabot and Thompson’s Water Seal. With global headquarters in Cleveland, Sherwin-Williams branded products are sold primarily through more than 5,100 company-operated stores and facilities, while the company’s other brands are sold through leading mass merchandisers, home centers, independent paint dealers, hardware stores, automotive retailers and industrial distributors.
The company employs 61,000 people and is comprised of three reportable segments. The Paint Stores Group comprises 56% of total sales and operates the exclusive outlets for Sherwin-Williams branded paints, stains, supplies, equipment and floor covering in the U.S., Canada and the Caribbean. The Paint Stores Group also manufactures and sells a wide range of architectural paint, industrial coatings and related products across Latin America through company-operated stores and dedicated dealers.
Consumer Brands Group comprises 14% of total sales and sells one of the industry’s most recognized portfolios of branded and private-label products through retailers across North America and in parts of Europe, Australia, New Zealand and China, and also operates a global supply chain for paint, coatings and related products.
The Performance Coatings Group (30% of total sales) sells a wide range of industrial coatings and finishes to general industrial, industrial wood, protective and marine, coil & extrusion, packaging and automotive customers in 120+ countries.
Key Happenings in 2023:
The Sherwin-Williams Company’s Board of Directors has elected Heidi G. Petz to serve as the company's CEO. Petz, who has served as president and COO of Sherwin-Williams for the last two years, assumed the CEO duties previously held by chairman and CEO John G. Morikis.
Petz will continue to serve as president. After serving as CEO since 2016, Morikis continues to serve as executive chairman. In addition, the Board increased its size from 10 to 11 members and elected Petz to fill the resulting vacancy, effective October 10, 2023.
Prior to serving as the company's president and chief operating officer, 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. 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.
"The selection of Heidi as CEO is the result of a well-developed and thoughtful process to ensure a seamless leadership transition that focuses on strength, momentum and growth," commented Jeff M. Fettig, Sherwin-Williams lead director. "We are pleased John has agreed to remain in his role as executive chairman, continuing an incredible career that began 39 years ago as a member of one of the first Sherwin-Williams management trainee classes, progressing through numerous roles of increasing responsibility, and ultimately ascending to CEO. On behalf of the entire board, we thank John for his extraordinary leadership, commitment and dedication to Sherwin-Williams, as well as his many accomplishments and business decisions that drove the Company's strong performance and unprecedented growth during his tenure as CEO."
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 – finance and CFO, 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.
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.
