Richard Manoogian, chairman and chief executive officer for Masco Corp., plans to give up the CEO position this July and become the company’s executive chairman.

Richard Manoogian, 70, chairman and chief executive officer, Masco Corp., plans to give up the CEO position this July and become the company’s executive chairman. Manoogian is only the second chairman and CEO in Masco’s nearly 80-year history, after taking over for his father, Alex Manoogian.

Manoogian has recommended to the board of directors thatTimothy Wadhams, 58, Masco’s chief financial officer, be named CEO.

In other changes at the top, Alan Barry, 64, Masco’s president and chief operating officer, plans to retire early next year when he reaches the company’s normal retirement age.