On Oct. 11, paint and coating manufacturer Sherwin-Williams Company announced that its Board of Directors has elected Heidi G. Petz to serve as the company’s next CEO, effective Jan. 1, 2024.

Petz has served as President and Chief Operating Officer of Sherwin-Williams for the past two years and will assume the CEO duties currently held by Chairman and CEO John G. Morikis. Petz will continue to serve as President, the company said in a news release.

After serving as CEO since 2016, Morikis will continue to serve as Executive Chairman. The Board also increased its size from 10 to 11 members and elected Petz to fill the resulting vacancy.

“Today’s announcement follows a comprehensive process and multi-year organizational succession plan to identify the best candidate to lead the Company,” said Morikis. “Heidi has been an invaluable member of my leadership team, demonstrating a record of driving growth and operational excellence that has generated increased value for our customers, shareholders and employees. With this transition, Heidi becomes only the tenth CEO in the 157-year history of the Company. Supported by a deep and experienced senior leadership team, she is the right leader to accelerate achievement of the Company’s growth and profitability goals.”

Prior to serving as the company’s President and COO, Petz served as President of The Americas Group. Previous to that role, she served as President of the Consumer Brands Group.

Read more about the company’s new changes here.