Ty Silberhorn, a top executive at 3M Co., will succeed Joe Puishys as chief executive at Apogee Enterprises, the company announced Monday.
Silberhorn becomes just the fifth CEO in the 71-year history of Apogee, a maker of commercial glass and framing systems based in Bloomington.
"I am honored and excited to have the opportunity to lead this great company," Silberhorn said in a statement.
"Apogee is an established leader in its industry with a long history of growth and providing exceptional value for its customers," he added. "I am confident about the company's future and look forward to working together with the Board and the entire Apogee team to build on this legacy and lead Apogee into its next chapter."
Silberhorn was most recently senior vice president of transformation, technologies and services at Maplewood-based 3M. The transition will happen Jan. 4.
At that point, Puishys will step down as both the CEO and as a board member according to his previously announced plans to retire. Puishys had been CEO of Apogee since 2011 and helped diversify Apogee's markets while growing revenue from $583 million to more than $1.4 billion in 2019.
"It is my pleasure to welcome Ty as Apogee's next CEO. He is a proven executive, who brings a passion for leadership, building high-performing teams, and shaping businesses," Apogee's board chairman, Donald Nolan, said.
Silberhorn, who is 53, will receive an annual salary of $800,000 and be eligible for short- and long-term awards for meeting financial performance targets. He will receive $300,000 in cash and $1.4 million in restricted stock as a sign-on bonus and to compensate him for equity he is forfeiting at 3M.
Puishys announced his plan to retire in September after getting Apogee past a period of uncertainty caused by the coronavirus pandemic.
Apogee still faces some challenges in the commercial building market. Analysts expect the company to report revenue of $1.2 billion for the fiscal year ending Feb. 28, an 11% decrease from the previous year.
"Apogee continues to feel the impact of COVID-19 in the form of project delays and market softness but continues to post improved quarter over quarter results," Eric Stine, an analyst with Minneapolis-based Craig-Hallum Capital recently wrote in an investor's note.
Shares of Apogee closed at $32.47 per share on Monday, down 7 cents. The company's shares are flat for the year.
Patrick Kennedy • 612-673-7926