Lincoln Electric Holdings, Inc. (Nasdaq: LECO) announced that Executive Chair Christopher L. Mapes will retire from his role and the Board of Directors on December 31, 2024. Steven B. Hedlund, currently the Chief Executive Officer and a Director, will succeed Mapes as Chair of the Board on January 1, 2025, while continuing in his role as President and CEO.
Curtis E. Espeland, Lincoln Electric’s independent Lead Director, expressed gratitude to Mapes for his leadership, noting his contribution to the company’s record performance and shareholder returns, as well as positioning Lincoln Electric as an industry leader in automation. He also congratulated Hedlund on his expanded role, emphasizing the board’s commitment to dual leadership with a separate independent Lead Director.
Hedlund, who became President and CEO on January 1, 2024, said he is honored to take on the role of Chair and looks forward to building on the company’s momentum, driven by its “Higher Standard 2025 Strategy.” Hedlund has been with Lincoln Electric since 2008, serving in various senior roles, including Chief Operating Officer and President of Global Automation. Before joining Lincoln Electric, he held leadership roles at Fortune Brands, Inc., and Booz Allen & Hamilton. He holds a bachelor’s degree and MBA from Dartmouth College.
Mapes, who has served as Executive Chair since January 2024, was previously Chair of the Board since 2013 and President and CEO from 2012 to 2023, joining the company in 2010 as a member of the Board of Directors.
