The Board of Directors of Lennox International Inc. announced on July 14 that Todd Bluedorn announced he will be stepping from his position as chairman and chief executive officer in mid-2022. The decision is based on Bluedorn's desire to find a better balance between his personal and professional priorities. The Board of Directors has commenced a search for the company's next CEO.
"It has been a privilege to lead LII these past 15 years and I'm extremely proud of all we've accomplished together," said Bluedorn. "With an exceptional management team, hard-working and dedicated employees, key strategic investments in product, technology and distribution, and strong end markets, we are well-positioned for
continued momentum in 2021 and beyond."
Lead independent director for Lennox International Todd Teske said, "Todd Bluedorn instilled a high performing and innovative culture with a strong team that created tremendous value for our customers and shareholders. His tenure at LII has been extraordinary. 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. On behalf of the entire Board, I want to thank Todd for making LII the outstanding company that it is today and we look forward to working with him and the broader management team on a smooth transition in 2022."
The company also raised 2021 full-year guidance for revenue growth from 7-11% to 11-15%, GAAP EPS from continuing operations from $11.33-$11.93 to $11.97-$12.57 and for adjusted EPS from continuing operations from $11.40-$12.00 to $12.10-$12.70. The company will review its second quarter 2021 results and more fully discuss updated guidance during its earnings call on July 26.