McDaniel, who has been CFO (Chief Financial Officer) at Panduit since 2018, succeeds Dennis Renaud, who is retiring.

"As a results-oriented leader, Shannon McDaniel brings his collaborative leadership style to the role. He will be able to draw on his commercial expertise to leverage Panduit's strengths for the successful future of the company," said Andrew Caveney, Chairman of Panduit's Board of Directors. "Shannon has also earned the trust of our employees, and the Board is confident that he will bring his deep industry knowledge and strong business acumen to the leadership of Panduit."

Andrew Caveney adds that McDaniel is taking on the role of CEO at an ideal time. "Our long-term investment perspective, our highly qualified employees and our agile business processes form the basis for capturing market share even in a difficult environment," explained the Chairman of the Supervisory Board. "The digital economy, the pursuit of zero carbon emissions and other electrification trends are having a lasting impact on our markets. Panduit is excellently positioned. With our solution-oriented approach and mindset, we are ideally positioned to meet the technical challenges of the future and transform new technologies in our data center, building technology and industrial business areas."

"I am very excited about the extraordinary opportunity to lead the company into its next phase of growth as CEO of Panduit," says McDaniel. "We have a great strategy, an incredibly talented and dedicated workforce and a culture of innovation that goes back nearly 70 years. We are constantly striving to create value for our customers. I am very excited about our future and the opportunities that lie ahead."

Shannon McDaniel has held a variety of leadership positions during his 30-year career. Prior to joining Panduit as CFO, he spent 14 years with Eaton Corporation in global finance leadership roles, including Invensys and as Director of Finance for Eaton's EMEA electrical business in Bonn, Germany and Switzerland. McDaniel holds a Bachelor of Science degree in Accounting from Northern Illinois University in DeKalb, Illinois.

"It has been a special personal and professional honor to lead Panduit for 10 years - the last four as CEO. Panduit's outstanding culture of innovation, quality, service and continuous improvement has driven our business growth," said Renaud. "I am proud of how Panduit employees have embodied togetherness, inclusion, change and the pursuit of innovative excellence during my tenure. With Shannon, the leadership team and our outstanding employees, the company is in experienced and capable hands."

"I thank Dennis for his contribution to Panduit's success. Throughout his career, he has challenged our entire team to stay focused and always innovate," said Caveney. "He has had a profound impact on our culture, from his passionate support of our diversity and inclusion program to his commitment to applying the 80/20 principles. Dennis has also shown tremendous leadership during these unprecedented times by putting our employees and customers first and always operating with transparency."