Valspar Corp. has announced that its board of directors elected Gary Hendrickson, Valspar’s president and CEO, as chairman of the board, effective immediately. Hendrickson succeeds William Mansfield, who is retiring after serving as chairman since August 2007, as CEO from 2005 to 2011, and as president from 2005 to 2008.

The appointment completes a transition plan put in place a year ago, according to the Minneapolis-based paint and coatings manufacturer.