Sherwin Williams S-W Trailblazer Retires
Sherwin-Williams is having a month of big news, as this week saw the retirement of Executive Chairman John Morikis.
Morikis served 40 years with the painting company, and his tenure saw major changes in the business and the world.
Perhaps the most notable mark made by Morikis was the acquisition of Valspar for $11.3 billion dollars. The June 2017 purchase expanded Valspar’s product portfolio and increased revenue and profitability for S-W.
Morikis started as a S-W management trainee in 1984, and became the first person from the program to rise to CEO, a position he held for eight years, from 2016-2024.
Morikis’s tenure saw consistent growth for the paint manufacturer. In January of this year, he transitioned to Executive Chairman, overseeing the appointment of Heidi G. Petz as president and CEO.
This month especially, Morikis can look back at his 40 years of contributions to Sherwin-Williams and enjoy the view from the top of the mountain. S-W entered the Dow Industrial Average earlier this month, marking a major milestone for the company that was a long time in coming.
Enjoy retirement, John. You earned it.
No Longer Tax-Free
We’ve heard of paying workers under the table, but this is ridiculous.
A New York painting contractor is accused of paying millions of dollars to employees without withholding the necessary taxes.
What’s surprising about this case is the sheer scale of it. The owner is accused of paying his employees about $3.6 million in cash without withholding the required amount for Social Security, Medicare, and federal income tax, according to the IRS.
Additionally, he’s accused of filing false tax returns as part of the coverup.
The total amount he short-changed the government is alleged to be $545,743.
The company’s owner pleaded guilty to employment tax crimes and will be sentenced in April 2025. He faces a maximum of five years in prison, and will also be required to page fines, restitution, and other financial penalties.
The lesson here is don’t mess with the IRS. They will catch you, and it will cause a whole heap of problems for your business. As this case shows, you can even face significant prison time for trying to skim the money. It’s not worth it!
