CLEVELAND, October 10, 2024--(BUSINESS WIRE)--Lincoln Electric Holdings, Inc. (the "Company") (Nasdaq:LECO) today announced that Christopher L. Mapes, Executive Chair, will retire from his position as Executive Chair and a member of the Board of Directors on December 31, 2024. The Board of Directors has elected Steven B. Hedlund, currently Chief Executive Officer and a Director, to succeed Mr. Mapes as Chair of the Board, effective January 1, 2025. Mr. Hedlund will assume this position in addition to his role as President and Chief Executive Officer.

"We thank Chris for his many years of service and congratulate him for leading Lincoln Electric to record performance and superior shareholders returns, while establishing the Company as the industry’s automation leader poised for long-term expansion," stated Curtis E. Espeland, Lincoln Electric’s independent Lead Director. "We congratulate Steve and look forward to working with him in his expanded role, which supports the Board’s dual leadership structure with both a Chair and a separate independent Lead Director, who serve shareholders," Espeland concluded.

"I am honored to assume the role of Chair of the Board of Directors in the year ahead and look forward to continuing to work with the Board and the leadership team to advance our strategic focus on growth, innovation, operational excellence, and employee engagement," commented Steven B. Hedlund, Lincoln Electric’s President and Chief Executive Officer. "Chris’ achievements and the team’s strong execution of our Higher Standard 2025 Strategy provide us with solid momentum as we look ahead to build upon our many successes."

Mr. Hedlund became President and Chief Executive Officer on January 1, 2024. He has been a member of the executive leadership team since joining Lincoln Electric in 2008 and has served in various senior management roles including Chief Operating Officer, Executive Vice President, President of Americas Welding and the International Welding segments, and President of Global Automation. Prior to joining Lincoln Electric, Mr. Hedlund held various leadership roles at Fortune Brands, Inc. and served as principal at Booz Allen & Hamilton. He earned a bachelor’s degree and an MBA from Dartmouth College. Mr. Hedlund currently serves on the boards of the National Association of Manufacturers, the Manufacturers Alliance, and the Greater Cleveland Partnership.

Mr. Mapes has served as Executive Chair since January 1, 2024. He previously served as Chair of the Board since 2013, President and Chief Executive Officer from 2012 to 2023, and joined the Company in 2010 as a member of the Board of Directors.