Panduit announced on December 7 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 on December 31, 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 executive chair Andrew Caveney. “Shannon has also built the trust of our employees, and the board is confident he will apply his deep industry knowledge and ken business acumen to lead Panduit.”
Caveney commented McDaniel is taking over the CEO role 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,” Caveney said. “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.”
Prior to joining Panduit as CFO, McDaniel served financial leadership roles with Eaton Corporation over 14 years, including serving as that 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 degree in accounting from Northern Illinois University in DeKalb, IL.
Renaud, who will serve Panduit in an advisory capacity during the first quarter of 2022, said, “It has been my distinct personal and professional honor to serve Panduit for 10 years—the last 4 as CEO. Panduit’s unrivaled legacy of innovation, quality, service, and continuous improvement has fueled our business growth. 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,” added Caveney. “Throughout his career, he has challenged our team to be focused and to always be innovating. 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.”