Sherwin-Williams names COO Heidi Petz as new CEO, effective Jan. 1

Paint company Sherwin-Williams Co.
SHW,
+0.55%
said Wednesday its board has elected Heidi Petz, who has been president and chief operating office for the last two years, as its chief executive, effective Jan. 1. Petz will replace current CEO John G. Morikis, who will become executive chairman. The board has further increased its size to 11 members from 10 effective Tuesday. The stock has gained 6.7% in the year to date, while the S&P 500
SPX,
+0.52%
has gained 13.5%.