Axalta Coating Systems Ltd announced that its Board of Directors has appointed Robert Bryant, Axalta’s Executive Vice President and Chief Financial Officer, to the additional role of interim Chief Executive Officer, effective immediately.
Bryant succeeds Terrence Hahn, who has resigned by mutual agreement with the Board, following an investigation by outside counsel into conduct by Hahn unrelated to financial matters that Axalta believes was inconsistent with company policies. Hahn has also vacated his position on the Board.
Hahn took over as CEO from Shaver at the beginning of September.
Bryant has served as Executive Vice President and Chief Financial Officer of Axalta since 2013. He was previously Chief Financial Officer and Senior Vice President of Roll Global LLC. Before joining Roll Global in 2007, he was Executive Vice President of Strategy, New Business Development, and Information Technology at Grupo Industrial Saltillo, S.A.B. de C.V. Mr. Bryant graduated summa cum laude and Phi Beta Kappa with a BA degree in Economics from the University of Florida and received his MBA degree with a concentration in Finance from the Harvard Business School.
Bryant said, “I deeply appreciate the vote of confidence from Charlie and the Board. The management team at Axalta is resilient – we will work tirelessly to put this distraction behind us and focus on delivering outstanding products and customer service.”
Hahn said, “I wish the best to Axalta’s employees and its leadership.”
Axalta also announced that its preliminary results for the third quarter are in line with the Company’s guidance communicated during its second quarter earnings update, which specified third quarter adjusted EBITDA of approximately 24 percent of the midpoint of its full-year range.
This article courtesy of Russell Thrall III, publisher CollisionWeek. Check out their website at: www.collisionweek.com