A. O. Smith Corporation (AOS), a water technology company, said that it has elected Stephen Shafer, chief executive officer, as chairman to succeed Kevin Wheeler, who will retire as executive chairman effective from July 1. Shafer will assume his new role upon Wheeler's retirement.
Shafer, who has been serving as CEO since July 2025, joined AOS in 2024 as chief operating officer. Before joining AOS, Shafer held roles of increasing responsibility at 3M Company (MMM) across multiple business units in the U.S. and China.
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Business News
June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.