Kevin Wheeler to Retire as Executive Chairman; President and CEO Stephen Shafer Named Chairman

Rhea-AI Summary

A. O. Smith (NYSE:AOS) announced that Executive Chairman Kevin Wheeler will retire from the chairman role effective July 1, 2026, while remaining on the board. President and CEO Stephen Shafer has been elected chairman, combining the chairman and CEO roles and continuing to lead global strategy and operations.

Positive

• Orderly succession as Stephen Shafer becomes both chairman and CEO on July 1, 2026
• Kevin Wheeler remains on the board, preserving leadership continuity and institutional knowledge

Negative

• None.

News Market Reaction – AOS

-2.13%

-2.13% Session close to close

In the Jun 23 session, AOS declined 2.13%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement centers on planned board‑level succession, with the current CEO also becoming chai...

Analysis

This announcement centers on planned board‑level succession, with the current CEO also becoming chairman while the long‑tenured executive chairman remains on the board, reinforcing continuity but increasing focus on governance balance and future board oversight.

Key Figures

Board tenure: three decades Executive chairman retirement date: July 1 Year joined company: 1994 +5 more

8 metrics

Board tenure three decades Kevin Wheeler’s impact on A. O. Smith

Executive chairman retirement date July 1 Effective date of Kevin Wheeler’s retirement from executive chairman role

Year joined company 1994 Kevin Wheeler joined A. O. Smith as regional sales manager

Became president and CEO 2018 Kevin Wheeler’s promotion to president and CEO

Became chairman 2020 Kevin Wheeler’s appointment as chairman

Current CEO start July 2025 Stephen Shafer became president and CEO

Joined A. O. Smith 2024 Stephen Shafer joined as president and chief operating officer

Chairman lineage 11th CEO Shafer as 11th CEO to also serve as chairman

Historical Context

5 past events · Latest: May 19 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 19	CFO transition	Neutral	+0.1%	Announced retirement of long‑time CFO and appointment of experienced external successor.
Apr 30	Earnings and outlook	Negative	-2.9%	Reported Q1 results and lowered full‑year 2026 sales and EPS guidance.
Apr 13	Quarterly dividend	Positive	-0.4%	Declared regular quarterly cash dividend on common and Class A shares.
Apr 02	Earnings call notice	Neutral	-1.1%	Announced timing and access details for first‑quarter 2026 earnings call.
Mar 18	Ethics recognition	Positive	-2.6%	Named a 2026 World’s Most Ethical Company for the third consecutive year.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent history shows several instances where generally positive or neutral corporate news coincided with flat-to-negative price reactions.

Key Terms

executive chairman, chief executive officer, lead director, board of directors

4 terms

executive chairman financial

"announced today that Executive Chairman Kevin Wheeler will retire effective July 1"

An executive chairman is the board leader who also takes an active role in running the company, combining oversight of the board with hands-on involvement in strategy and major decisions. For investors, this matters because it concentrates influence in one person—like a team captain who both sets the game plan and plays on the field—so their judgment can speed decisions but also increases governance and succession risk that can affect stock value.

chief executive officer financial

"Stephen Shafer, president and chief executive officer (CEO), as chairman upon Wheeler's retirement"

A chief executive officer (CEO) is the top leader of a company, responsible for making major decisions, setting goals, and guiding the organization’s overall direction. Think of the CEO as the captain of a ship, steering it toward success. Investors pay close attention to the CEO because their leadership and strategy can significantly influence the company's performance and future growth.

lead director financial

""Kevin's impact on A. O. Smith spans three decades," said Chris Mapes, lead director of the board"

A lead director is a board member chosen by other independent directors to coordinate the board’s independent oversight of company management, acting like a team captain or referee who organizes meetings, leads discussions without the CEO present, and serves as a primary contact between independent directors and company leadership. Investors care because a strong lead director helps prevent conflicts of interest, improves decision-making and accountability, and signals that the board is actively watching how management runs the business.

board of directors financial

"Wheeler will remain a member of the company's board of directors"

The Board of Directors is a group of people chosen by a company's owners to help make big decisions and oversee how the company is run. They act like a team of advisors or managers, making sure the company stays on track and meets its goals. Their choices can influence the company's success and how it grows.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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MILWAUKEE, June 22, 2026 /PRNewswire/ -- A. O. Smith Corporation (NYSE: AOS), a global leader in water technology, announced today that Executive Chairman Kevin Wheeler will retire effective July 1. The company's board of directors has elected Stephen Shafer, president and chief executive officer (CEO), as chairman upon Wheeler's retirement. Wheeler will remain a member of the company's board of directors.

"Kevin's impact on A. O. Smith spans three decades," said Chris Mapes, lead director of the board. "During his tenure, the company expanded its global footprint, strengthened its portfolio through multiple acquisitions and successfully navigated the challenges of the COVID-19 pandemic while maintaining strong operational performance."

Wheeler joined A. O. Smith in 1994 as a regional sales manager for the former Water Products Company and held various senior leadership roles across the business before becoming president and CEO in 2018 and chairman in 2020.

Shafer, who has served as president and CEO since July 2025, becomes the 11^th CEO to assume the role of chairman in the company's history. He joined A. O. Smith in 2024 as president and chief operating officer. As chairman, Shafer will lead the board of directors and continue to oversee the company's global operations, strategic direction, profitability and shareholder return.

"Steve has demonstrated strong, strategic leadership and a deep understanding of our business and growth opportunities," said Mapes. "His combined role as chairman and CEO will further strengthen alignment across our strategy, operations and long-term value creation."

Before joining A. O. Smith, Shafer held roles of increasing responsibility at 3M Company across multiple business units in the U.S. and China. Earlier in his career, he worked at McKinsey & Co. and Ford Motor Company. Shafer serves on the boards of the Air Conditioning, Heating, and Refrigeration Institute and the Metropolitan Milwaukee Association of Commerce, as well as the Executive Advisory Board for WorkBoard Inc.

"As chairman, I will continue leading this outstanding company and team with focus and discipline," said Shafer. "We remain committed to driving innovation, serving our customers and advancing our purpose to find a better way. I would also like to thank Kevin for his leadership and continued support through this transition and look forward to benefiting from his continued guidance as a member of our board going forward."

About A. O. Smith

A. O. Smith Corporation, headquartered in Milwaukee, Wisconsin, is a global leader applying innovative technology and energy-efficient solutions to products manufactured and marketed worldwide. Listed on the New York Stock Exchange (NYSE: AOS), the company is one of the world's leading manufacturers of residential and commercial water heating equipment and boilers, as well as a manufacturer of water treatment and water management products. For more information, visit www.aosmith.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/kevin-wheeler-to-retire-as-executive-chairman-president-and-ceo-stephen-shafer-named-chairman-302806975.html

SOURCE A. O. Smith Corporation

FAQ

What leadership change did A. O. Smith (AOS) announce on June 22, 2026?

A. O. Smith announced that Executive Chairman Kevin Wheeler will retire as chairman and Stephen Shafer will become chairman. According to the company, Wheeler will remain on the board while Shafer continues as president and CEO overseeing global strategy and operations.

When will Kevin Wheeler retire as executive chairman of A. O. Smith (NYSE:AOS)?

Kevin Wheeler will retire as executive chairman of A. O. Smith effective July 1, 2026. According to the company, he will continue serving as a member of the board of directors, supporting leadership continuity during and after the transition to Stephen Shafer as chairman.

Who is Stephen Shafer, the new chairman of A. O. Smith (AOS)?

Stephen Shafer is A. O. Smith’s president and CEO, now also elected chairman. According to the company, he joined in 2024, became CEO in July 2025, and previously held leadership roles at 3M, McKinsey, and Ford, with experience in U.S. and China operations.

How will Stephen Shafer’s appointment as chairman affect A. O. Smith (AOS) governance?

Stephen Shafer will serve as both chairman and CEO, leading the board and global operations. According to A. O. Smith, this combined role is intended to align strategy, operations, profitability, and shareholder return, with former chairman Kevin Wheeler remaining on the board.

Does Kevin Wheeler remain involved with A. O. Smith (NYSE:AOS) after retiring as chairman?

Yes, Kevin Wheeler will remain on A. O. Smith’s board of directors after retiring as chairman. According to the company, his ongoing board role is expected to provide continued guidance and leverage his three decades of experience with the organization.

What is Stephen Shafer’s background before leading A. O. Smith (AOS)?

Stephen Shafer previously held roles of increasing responsibility at 3M across U.S. and China business units. According to A. O. Smith, he also worked at McKinsey and Ford and serves on several industry and regional boards, bringing broad strategic and operational experience.