Rexnord Corp., a Milwaukee-based process and motion control product manufacturer, announced that non-executive chairman George Sherman will retire following the company’s annual meeting of stockholders in July. The board of directors has elected retired A.O. Smith chief executive officer Paul Jones to succeed Sherman.
“I am confident that Rexnord is well-positioned for success and as I worked with Paul Jones during the transition, where we jointly reviewed strategy, organization/management development and budget, it became clear to me that he will provide outstanding leadership and support to the management team and the board as we continue to focus on shareholder value creation,” Sherman said. “I’ve been fortunate to spend the past 12 years working with Todd Adams and the management team to develop the Rexnord Business System into the sustainable competitive advantage it is today. I look forward to participating in Rexnord’s continued success as a significant long-term shareholder.”
Todd Adams, Rexnord’s president and CEO said, “Our board, Rexnord and I have been incredibly fortunate to have had the mentorship and vision that George has provided over the past 12 years. I can’t thank George enough for all he’s done for Rexnord and everything I’ve learned from him over the years. We are in the very fortunate position to be able to transition the non-executive chairman role to Paul. His experience, strategic perspective and track record are a great fit for Rexnord, and I look forward to working with him to continue to create shareholder value.”
Sherman joined the company’s board of directors as the non-executive chairman in 2002. In addition to his service with Rexnord, Sherman served as the president and CEO of Washington, D.C.-based Danaher Corp. and as the chairman of Camden, N.J.-based Campbell Soup Company.
Jones has been a director of the company since 2014, and he currently serves on the Compensation Committee and the Nominating and Corporate Governance Committee of the Board. He previously served as the chairman, CEO and president of Milwaukee-based A.O. Smith Corp., as chairman and CEO of U.S. Can Company Inc. of Lombard, Ill., and as president and CEO of Seneca, S.C.-based Greenfield Industries Inc.