RTTNews | Jul 14, 2021 12:06PM EDT

12:03 Wednesday, July 14, 2021 (RTTNews.com) - Texas-based industrial machinery manufacturers, Lennox International Inc. (LII) announced a change in leadership on Wednesday. The stock reacted negatively to the news and is down 6%.

The company announced that Todd Bluedorn will step down as the president and CEO of the company in mid-2022, after 15 years. "It has been a privilege to lead LII these past 15 years and I'm extremely proud of all we've accomplished together," said the departing CEO.

The company also increased guidance for the financial year. It expects revenue to grow 11% to 15% year over year, from 7% to 11%. Excluding special items, the earnings for the year are projected to be $12.10-$12.70 per share from $11.40-$12.00 per share in the previous guidance. Currently, the shares are trading hands at $316.92, down $19.25 or 5.73% from their previous close at $336.17 on Tuesday. The shares opened at $320.00, and in the 52-week period, the shares have moved between $239.25 and $356.36.

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