Lincoln Electric Holdings, Inc. announced 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.

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. Hedlund joined Lincoln Electric in 2008 as Vice President, Strategy and Business Development and a member of the executive leadership team, where he led an accelerated acquisition strategy to expand the Company?s automation portfolio. In 2015, he was promoted to Senior Vice President, President of Global Automation.

In 2017, he served as Executive Vice President, President of International Welding, where he oversaw the optimization of our European platform. In 2020, Hedlund was named Executive Vice President, President of Americas and International Welding, to further align the Company?s global welding technologies and strategies. In 2022, Hedlund was promoted to Chief Operating Officer, where he has been leading its record performance.

Prior to joining Lincoln Electric, Hedlund held various executive leadership roles at Fortune Brands, Inc. and served as principal with the management consulting firm, Booz Allen & Hamilton. Hedlund earned a bachelor?s degree and an MBA from Dartmouth College.