Valspar Corporation announced on Thursday that its board of directors has appointed Gary E. Hendrickson as the company's new CEO, effective June 1.

Hendrickson, who is currently the Minneapolis-based company's president and chief operating officer (COO), will succeed William L. Mansfield.

Mansfield has led the company as CEO since 2005, and he will remain with the company as chairman of the board.

“Gary and I have worked closely together in developing Valspar's long-term strategy for growth,” Mansfield said in a news release. “His exceptional record of success as president and COO, extensive international experience, and in-depth knowledge of the global coatings industry make him an outstanding choice for CEO.”

Mansfield also said that Hendrickson's appointment follows the company's board's “longstanding succession planning process.”

Hendrickson has occupied his post as president and COO since early 2008. He's been with the company since 1994, when he joined the packaging business. He was relocated to Australia and later Hong Kong to oversee elements of the company's international business prior to assuming his role as president and COO.

Valspar, which manufactures paint and coatings, is among Minnesota's 20-largest public companies based on revenue from its 2009 fiscal year, which totaled $2.9 billion. The company reported $3.2 billion in revenue for the fiscal year that ended in October.