Lincoln Electric CEO Christopher Mapes to retire Dec 31, 2023; COO Steven Hedlund named successor effective Jan 1, 2024

LINCOLN ELECTRIC HOLDINGS INC

Christopher Mapes will retire as President/CEO on Dec 31, 2023, and become Executive Chairman on Jan 1, 2024.
Steven Hedlund, current COO (since May 2022), appointed President/CEO and Board member effective Jan 1, 2024.
Hedlund's base salary raised to $1,010,000, target bonus to $1,464,500; receives $1M in equity grants (RSUs and stock options).
Board increased from 11 to 12 directors to accommodate Hedlund's appointment.
Transition follows structured succession; Mapes' tenure since 2012 delivered 523% total shareholder return.

item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Role change

Christopher L. Mapes

Executive Chairman

LECO · LINCOLN ELECTRIC HOLDINGS INC

Effective: 2024-01-01
Successor: Steven B. Hedlund
Filed: July 27, 2023, 7:59 PM ET

notified the Company of his intention to retire from his position as President and Chief Executive Officer effective as of the close of business on December 31, 2023. After December 31, 2023, Mr. Mapes will be designated Executive Chairman of the Board.

Appointed

Steven B. Hedlund

President and Chief Executive Officer

LECO · LINCOLN ELECTRIC HOLDINGS INC

Effective: 2024-01-01
Filed: July 27, 2023, 7:59 PM ET

the Board elected Steven B. Hedlund, age 56, as President and Chief Executive Officer of the Company, effective as of January 1, 2024.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Christopher L. Mapes retired as Executive Chairman at LINCOLN ELECTRIC HOLDINGS INC.

Action: retired
Role: Executive Chairman

Exact text from the filing

notified the Company of his intention to retire from his position as President and Chief Executive Officer effective as of the close of business on December 31, 2023. After December 31, 2023, Mr. Mapes will be designated Executive Chairman of the Board.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Steven B. Hedlund was appointed as President and Chief Executive Officer at LINCOLN ELECTRIC HOLDINGS INC.

Action: appointed
Role: President and Chief Executive Officer

Exact text from the filing

the Board elected Steven B. Hedlund, age 56, as President and Chief Executive Officer of the Company, effective as of January 1, 2024.

View on SEC.gov

LINCOLN ELECTRIC HOLDINGS INC filing history →

Source: SEC EDGAR

accession 0001193125-23-195306

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