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Lennox International Inc. (NYSE: LII) has announced that Todd Bluedorn will be stepping down as chairman and chief executive officer after 15 years at the helm.
What Happened: Bluedorn will be retiring in mid-2022 “based on his desire to create a better balance between his personal and professional priorities,” the Dallas-headquartered provider of energy-efficient climate-control solutions said in a statement. The board of directors has begun a search for a replacement.
“Under Todd's leadership the company's market cap grew from $2.5 billion to over $13 billion, resulting in total shareholder return in excess of 18% annually,” said Todd Teske, lead independent director.
Bluedorn became CEO in April 2007 and chairman in May 2012. Prior to joining the company, he was president of the Americas for Otis Elevator Co. (NYSE: OTIS) and president for commercial heating at Carrier Corporation (NYSE: CARR).
In addition to his work with Lennox, Bluedorn is a member of the board of directors at Texas Instruments (NASDAQ: TXN) and was a former board member with the Irish power management company Eaton (NYSE: ETN). Bluedorn graduated from the U.S. Military Academy in 1985 with a B.S. in electrical engineering and received an M.B.A. from Harvard University in 1992.
What Else Happened: Simultaneous with the news of Bluedorn’s upcoming retirement, Lennox announced it was raising its 2021 full-year guidance for revenue growth from 7%-11% to 11%-15%, its GAAP earnings per share from continuing operations from $11.33-$11.93 to $11.97-$12.57 and its adjusted EPS from continuing operations from $11.40-$12 to $12.10-$12.70.
The company has scheduled the announcement of second-quarter financial results before the market opens on July 26, with an earnings conference call scheduled for the same day at 9:30 a.m. EDT.
Photo courtesy Eaton.
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