Lincoln Electric Announces Promotion Of 2 Top Executives

Lincoln Electric Holdings Inc. (NASDAQ:LECO) announced that the President of Lincoln Electric Canada – Michael J. Whitehead – has been promoted as the Senior Vice President, Strategy and Business Development. On the other hand, the Director of Operations of Lincoln Canada – Adel A. Mir – has been appointed as the President of the entity. Both these positions are effective immediately.

Whitehead will be responsible for global strategic planning as well as mergers and acquisitions for the company. He will report to Vincent Petrella, Executive Vice President and Chief Financial Officer of Lincoln Electric. His commercial and product development expertise will guide the company’s long-term strategy and expand business development opportunities to boost sustainable growth.

Notably, Mir has contributed in developing new technologies and augmenting business growth in Lincoln Electric during his tenure of 10 years. He will oversee the country’s day-to-day operations as well as the financial and competitive success of the business. Mir will report to George Blankenship, the Executive Vice President and President of Americas Welding.

Lincoln Electric continues to remain focused on customers and on executing its 2020 vision and strategy. The company undertook various initiatives to drive improved returns through acquisitions. It is also optimistic about the strength of its product pipeline in 2016 and launches for various segments.

Though the company expects some growth opportunities to emerge in several end markets in 2016, it remains concerned about the improvements being offset by the ongoing declines in the energy and heavy fabrication sectors until commodity prices get stabilized.

Lincoln Electric currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the same sector are ACCO Brands Corporation (NYSE:ACCO) , Avery Dennison Corporation (NYSE:AVY) and AO Smith Corp. (NYSE:AOS) . All the three stocks hold a Zacks Rank #2 (Buy).