Dennis Renaud to retire effective December 31, 2021
Tinley Park, Illinois, Dec. 07, 2021 (GLOBE NEWSWIRE) -- Panduit announced today that its Board of Directors has appointed Shannon McDaniel as its next Chief Executive Officer (CEO) and President effective January 1, 2022. McDaniel, who currently serves as the company's chief financial officer, will succeed current CEO and President Dennis Renaud, who will retire at the end of 2021.
"As a results-focused leader, Shannon brings his collaborative mindset to the role, drawing from his commercial and financial background, while leveraging the power of Panduit to move the company forward," said Panduit Executive Chair Andrew Caveney. "Shannon has also built the trust of our employees, and the Board is confident that he will apply his deep industry knowledge and keen business acumen to lead Panduit."
Caveney added that McDaniel is taking over the role of CEO at an ideal time. "Our long-term investment horizon, outstanding employees, and agile business processes have allowed us to build business momentum through the downturn," he explained. "The digital economy, the drive for zero carbon emissions, and electrification trends are having a profound impact on our markets. Panduit is well positioned to apply our problem-solving mindset to solve technical challenges as new technologies transform our data center, enterprise, and industrial businesses."
"I am thrilled for the opportunity to serve as Panduit's CEO and lead the company into its next phase of growth," said McDaniel. "We have a great strategy, an incredibly talented and dedicated workforce, and an innovative culture that is continually looking to create value for our customers. I am very excited about our future and the opportunities in front of us."
McDaniel has served in a variety of leadership positions over his 30-year career. Prior to joining Panduit as CFO, he excelled in global financial leadership roles during his 14 years with Eaton Corporation, including serving as the company's Director of Finance for its EMEA electrical business and Vice President of Finance for the Americas systems and services group. McDaniel holds a Bachelor of Science in Accounting from Northern Illinois University in DeKalb, Ill.
Following his planned retirement, Renaud will continue supporting the transition in an advisory capacity through the first quarter of 2022.
"It has been my distinct personal and professional honor to serve Panduit for 10 years - the last four as CEO. Panduit's unrivaled legacy of innovation, quality, service, and continuous improvement has fueled our business growth," said Renaud. "I'm proud of how Panduit's people embodied togetherness, inclusion, change, and a drive for innovative excellence throughout my tenure. The company is in experienced and capable hands with Shannon, the leadership team, and our outstanding employees."
"I thank Dennis for his contribution to the success of Panduit. Throughout his career, he has challenged our team to be focused and to always be innovating," said Caveney. "He has had a profound impact on our culture, from his passionate support of our diversity and inclusion program to his drive for use of 80/20 principles. Dennis has also displayed tremendous leadership during these unprecedented times, putting our employees and customers first and operating with transparency."
###
About Panduit
Since 1955, Panduit's culture of curiosity and passion for problem solving have enabled more meaningful connections between companies' business goals and their marketplace success. Panduit creates leading-edge physical, electrical, and network infrastructure solutions for enterprise-wide environments, from the data center to the telecom room, from the desktop to the plant floor. Headquartered in Tinley Park, Ill., USA and operating in 112 global locations, Panduit's proven reputation for quality and technology leadership, coupled with a robust partner ecosystem, help support, sustain, and empower business growth in a connected world. For more information, visit www.panduit.com.
Attachment
- Shannon McDaniel - Panduit (https://ml.globenewswire.com/Resource/Download/ca44dcc2-abcb-423a-ad33-63e62a28582d)
