Lincoln Electric Holdings, Inc. has announced Christopher L. Mapes, Chairman, President and Chief Executive Officer (CEO), who has served as President and CEO since 2012, will retire as President and CEO on December 31, 2023.
He will be designated as Executive Chairman of the Board, effective January 1, 2024.
Lincoln Electric is a global leader in the engineering, design, and manufacturing of advanced arc welding solutions, automated joining, assembly and cutting systems, plasma and oxy-fuel cutting equipment, and has a leading global position in brazing and soldering alloys. Headquartered in Cleveland, Ohio, Lincoln has 71 manufacturing locations in 20 countries and a worldwide network of distributors and sales offices serving customers in over 160 countries.
Steven B. Hedlund, who has been with the company for 15 years and currently serves as Chief Operating Officer, will be named President and CEO, and appointed as a member of the Board, effective January 1, 2024.
As Executive Chairman, Mapes will work closely with Hedlund to ensure a seamless transition for all Lincoln Electric stakeholders and support the Company’s Higher Standard 2025 Strategy initiatives.
“This leadership transition reflects a structured, multi-year succession planning process to ensure strong continuity and execution of our long-term strategy and we are confident that Steve’s leadership and track record of driving growth and operational excellence will continue to generate superior value for our stakeholders,” stated Curtis Espeland, Lincoln Electric’s Lead Independent Director.
He continued: “Chris’ planned retirement marks the end of an incredible career. His invaluable leadership and contributions have transformed the Company’s performance to position it to excel in the years ahead. On behalf of the entire Board, I would like to thank Chris for his service to date and his accomplishments as our CEO.”
Mapes has achieved a distinguished 38-year career in global manufacturing and joined Lincoln Electric in 2010 as a member of the Board of Directors and was named President and CEO in 2012. Under his leadership, Lincoln Electric has extended its global leadership through innovation and growth, including over 20 acquisitions and established the industry’s leading automation portfolio. In addition, Mapes and his leadership team have advanced operational excellence, the Company’s high-performance culture with top-quartile employee engagement, and its focus on sustainability.
“It has been a privilege to lead Lincoln Electric and work alongside our incredibly talented and committed employees,” said Mapes. “I am grateful for the support the organization has given me and I am proud of what we have accomplished together. I believe this is the right time to transition leadership as we complete our Higher Standard 2025 Strategy and move to the Company’s next strategic plan.”
Mapes concluded, “I have worked closely with Steve during my entire tenure at Lincoln Electric and he is a very talented and decisive leader who sets high standards of performance and is well prepared to succeed me. I look forward to working with him through the transition to maintain the strong momentum we have achieved together as a leadership team to ensure the Company’s continued success.”
Hedlund stated, “I am honored by Chris’ and the Board’s confidence in my ability to lead our organization and advance our strategic initiatives as we complete our Higher Standard 2025 Strategy and pursue the many exciting growth opportunities ahead.”
Hedlund joined Lincoln Electric in 2008 as Vice President, Strategy and Business Development and a member of the executive leadership team, where he led an accelerated acquisition strategy to expand the Company’s automation portfolio. In 2015, he was promoted to Senior Vice President, President of Global Automation.
In 2017, he served as Executive Vice President, President of International Welding, where he oversaw the optimization of Lincoln's European platform. In 2020, Hedlund was named Executive Vice President, President of Americas and International Welding, to further align the Company’s global welding technologies and strategies. In 2022, Hedlund was promoted to Chief Operating Officer.
Company information is available at www.lincolnelectric.com.