DALLAS, July 14, 2021 /PRNewswire/ -- The Board of
Directors of Lennox International Inc. (NYSE: LII) today announced
that after 15 years, Todd Bluedorn
informed the Board he will be stepping down as Chairman and Chief
Executive Officer in mid-2022 based on his desire to create 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.
ABOUT LENNOX INTERNATIONAL
Lennox International Inc.
is a global leader in energy-efficient climate-control solutions.
Dedicated to sustainability and creating comfortable and healthier
environments for our residential and commercial customers while
reducing their carbon footprint, we lead the field in innovation
with our air conditioning, heating, indoor air quality, and
refrigeration systems. Lennox International stock is listed on the
New York Stock Exchange and traded under the symbol "LII".
Additional information on Lennox International is available at
www.lennoxinternational.com or by contacting Steve Harrison, Vice President, Investor
Relations, at 972-497-6670.
FORWARD-LOOKING STATEMENTS
The statements in this news
release that are not historical statements, including statements
regarding the 2021 full-year outlook and expected consolidated and
segment financial results for 2021, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements are based on information
currently available as well as management's assumptions and beliefs
today. These statements are subject to numerous risks and
uncertainties that could cause actual results to differ materially
from the results expressed or implied by the statements, and
investors should not place undue reliance on them. Risks and
uncertainties that could cause actual results to differ materially
from such statements include risks that the North American unitary
HVAC and refrigeration markets perform worse than current
assumptions. Additional risks include, but are not limited to: the
impact of higher raw material prices, availability and timely
delivery of raw materials and other components, the impact of new
or increased trade tariffs, LII's ability to implement price
increases for its products and services, economic conditions in our
markets, regulatory changes, the impact of unfavorable weather, a
decline in new construction activity and related demand for
products and services, and any resurgence of the COVID-19 pandemic
and its economic impact on the company and its employees and
customers. For information concerning these and other risks and
uncertainties, see LII's publicly available filings with the
Securities and Exchange Commission. LII disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
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SOURCE Lennox International Inc.