Donaldson appoints COO Richard Lewis as President & CEO; Tod Carpenter becomes Executive Chairman

DONALDSON Co INC

Richard Lewis, current COO, becomes President & CEO effective March 2, 2026; also joins Board.
Tod Carpenter retires as CEO on March 1 after 11 years; stays as Executive Chairman through transition.
Lewis’s annual base salary increased to $1.088M, cash incentive target at 110%, plus $942.5K in incremental equity.
Carpenter’s base salary reduced to $880K as Executive Chairman; incentive target remains 120% of new salary.
Lewis has been with Donaldson since 2002, held roles including President of Mobile Solutions and Life Sciences.

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