Sherwin-Williams is cutting its matching contribution to employee retirement accounts as profits continue to decline for the paint company.
In an email sent Wednesday to employees, CEO Heidi Petz said the company was temporarily suspending the six percent match to workers’ 401k plans.
Petz cited housing affordability, inflation and global tariffs for the company's profit slump. She said she expects those economic headwinds to continue into 2026.
This is not the first time Sherwin-Williams has paused its retirement match, having done so during the 2009 financial crisis and the COVID-19 pandemic.
This comes just months after the company, headquartered in Cleveland, also announced a return to office mandate for hybrid employees beginning Jan. 1, 2026.
Days ago, the company received their initial occupancy permit from the city for their new 36-story, 1 million square-foot office tower built in Downtown Cleveland. 3,000 employees are expected to work at the $750 million building by next year.
