A.O. Smith (AOS) said CEO Robert J. O'Toole would retire at year-end.

The Milwaukee-based maker of electric motors said Paul W. Jones will succeed him as chairman and chief executive. Smith said Jones had been president and operating chief.

O'Toole worked there for 42 years, including the last 13 as CEO. He'll stay on the board.

"Bob's leadership throughout the years has been instrumental to A.O. Smith's success," said lead director Ronald D. Brown. "He played the leading role in establishing the two operating platforms which A.O. Smith has in place today. He has also been the driving force in establishing A.O. Smith's global manufacturing presence throughout the world."

On Tuesday, A.O. Smith fell 9 cents to $29.26.

More from Stocks

Facebook CEO Mark Zuckerberg Deflects Tough Questions From European Parliament

Facebook CEO Mark Zuckerberg Deflects Tough Questions From European Parliament

Stocks Waver Amid Progress on U.S.-China Trade; Dow Slips

Stocks Waver Amid Progress on U.S.-China Trade; Dow Slips

What Does China's Tariff Deal Mean for Automakers Like Tesla?

What Does China's Tariff Deal Mean for Automakers Like Tesla?

Lowe's Taps Home Depot Veteran As New CEO

Lowe's Taps Home Depot Veteran As New CEO

WATCH: 4 Experts Lay Out How Wealthy Investors Should Play Today's Risky Market

WATCH: 4 Experts Lay Out How Wealthy Investors Should Play Today's Risky Market