Lincoln Electric Announces Year End Executive Leadership Transition

Christopher Mapes to be Designated Executive Chairman

Steven Hedlund, Chief Operating Officer, to be Named President and Chief Executive Officer

CLEVELAND, July 27, 2023 (GLOBE NEWSWIRE) -- Lincoln Electric Holdings, Inc., (the “Company”) (NASDAQ: LECO) announced today that Christopher L. Mapes, Chairman, President and Chief Executive Officer (CEO), who has served as President and CEO since 2012, will retire as President and CEO on December 31, 2023, and will be designated as Executive Chairman of the Board, effective January 1, 2024. Steven B. Hedlund, who has been with the Company for 15 years and serves as Chief Operating Officer, will be named President and CEO, and appointed as a member of the Board, effective January 1, 2024. As Executive Chairman, Mapes will work closely with Hedlund to ensure a seamless transition for all Lincoln Electric stakeholders and support the Company’s Higher Standard 2025 Strategy initiatives.

“This leadership transition reflects a structured, multi-year succession planning process to ensure strong continuity and execution of our long-term strategy and we are confident that Steve’s leadership and track record of driving growth and operational excellence will continue to generate superior value for our stakeholders,” said Curtis Espeland, Lincoln Electric’s Lead Independent Director. Espeland continued, “Chris’ planned retirement marks the end of an incredible career. His invaluable leadership and contributions have transformed the Company’s performance to position it to excel in the years ahead. On behalf of the entire Board, I would like to thank Chris for his service to date and his accomplishments as our CEO.”

Mapes has achieved a distinguished 38-year career in global manufacturing and joined Lincoln Electric in 2010 as a member of the Board of Directors and was named President and CEO in 2012. He has served as Chairman, President and CEO since 2013. Under his leadership, Lincoln Electric has extended its global leadership through innovation and growth, including over 20 acquisitions and established the industry’s leading automation portfolio. In addition, Mapes and his leadership team have advanced operational excellence, the Company’s high-performance culture with top-quartile employee engagement, and its focus on sustainability. These initiatives have generated record performance, over 11% earnings CAGR, top-decile ROIC, and a 523% increase in total shareholder return, which has positioned the Company as one of the highest performing industrial companies over the last decade. These achievements, as well as his leadership anchored by ‘The Golden Rule’ and a commitment to ethics and integrity, have been recognized by Ethisphere, who ranked Lincoln Electric 5-times as “One of the World’s Most Ethical Companies,” and by Forbes, who awarded the Company as one of the “World’s Best Employers” and one of the “World’s Top Female Friendly Companies,” during his tenure.