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|Item 5.02.|| |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 12, 2021, the Board of Directors (the “Board”) of Graco Inc. (the “Company”) appointed Mark W. Sheahan to the position of President and Chief Executive Officer effective June 10, 2021. Mr. Sheahan is currently serving as the Chief Financial Officer and Treasurer of the Company, a position he has held since 2018. The Board also appointed Mr. Sheahan to the class of directors whose terms expire at the 2023 annual meeting of shareholders of the Company.
Mr. Sheahan succeeds Patrick J. McHale, who gave the Board notice on February 11, 2021 of his intention to retire as President, Chief Executive Officer and a Director following the Company’s succession planning process. Mr. McHale will remain with the Company in a non-executive capacity through September 15, 2021 to assist with the leadership transition.
Mr. Sheahan, 56, has served in various roles of increasing responsibility since 1995. Prior to serving in his current position of Chief Financial Officer and Treasurer, Mr. Sheahan was Vice President and General Manager of the Applied Fluid Technologies Division from 2008 to 2018.
The Management Organization and Compensation Committee of the Board expects to determine the compensation changes, if any, for Mr. Sheahan and Mr. McHale related to these position changes prior to the effective date of the transition.
|Item 9.01.|| |
Financial Statements and Exhibits.
|99.1||Press Release dated February 16, 2021.|
|104||Cover Page Interactive Data File (included within the Inline XBRL document).|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|Date: February 16, 2021||GRACO INC.|
|Karen Park Gallivan|
|Its: Executive Vice President, General Counsel and|