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.

If you liked this article you might like

Spain to Play Netherlands for World Cup

Spain to Play Netherlands for World Cup

Wal-Mart: Analysts' Upgrades, Downgrades

Wal-Mart: Analysts' Upgrades, Downgrades

Netherlands Advances to World Cup Final

Netherlands Advances to World Cup Final

Apple: Analysts' Upgrades, Downgrades

Apple: Analysts' Upgrades, Downgrades

World Markets Mostly Lower Monday

World Markets Mostly Lower Monday