Valspar Chief Financial Officer Lori Walker will retire from the paint manufacturing company, officials announced late Friday.

Walker will not leave the company until a successor has been named.

In a statement, Gary Hendrickson, CEO of the Minneapolis company, said that Walker's retirement was planned and noted that she joined Valspar in 2000 as an assistant controller.

Walker became vice president and treasurer in 2004 and senior vice president and CFO in 2008.

"She has contributed significantly to the growth and success of the company," Hendrickson said.

Valspar, which had $4 billion in 2011 sales, saw its stock rise 14 cents to $58.88 a share in early trading Monday. It closed the day at $58.77.