Lincoln Electric Holdings, Inc., (the ‘Company’ / Lincoln Electric / LECO) 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 the Chief Operating Officer, will be named President and CEO, and appointed as a Member of the Board, effective January 1, 2024. As Executive Chairman, Christopher Mapes will work closely with Steven Hedlund to ensure a seamless transition for all Lincoln Electric stakeholders and support the Company’s Higher Standard 2025 Strategy initiatives.
Leadership transition
This leadership transition reflects a structured, multi-year succession planning process"
“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.
He continues, “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.”
Christopher Mapes
Christopher 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.
Commitment to ethics and integrity
I believe this is the right time to transition leadership as we complete our Higher Standard 2025 Strategy"
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.
“It has been a privilege to lead Lincoln Electric and work alongside our incredibly talented and committed employees,” said Christopher Mapes, adding “I am grateful for the support the organization has given me and I am proud of what we have accomplished together. I believe this is the right time to transition leadership as we complete our Higher Standard 2025 Strategy and move to the Company’s next strategic plan.”
Higher Standard 2025 Strategy
Christopher Mapes concluded, “I have worked closely with Steve during my entire tenure at Lincoln Electric and he is a very talented and decisive leader who sets high standards of performance and is well prepared to succeed me. I look forward to working with him through the transition to maintain the strong momentum we have achieved together as a leadership team to ensure the Company’s continued success.”
Steven Hedlund stated, “I am honored by Chris’ and the Board’s confidence in my ability to lead our organization and advance our strategic initiatives as we complete our Higher Standard 2025 Strategy and pursue the many exciting growth opportunities ahead.”
Steven Hedlund
Steven Hedlund joined Lincoln Electric in 2008 as Vice President, Strategy and Business Development
Steven 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 their European platform.
Aligning with global welding technologies and strategies
In 2020, Steven 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 our record performance.
Prior to joining Lincoln Electric, he 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.