Axalta Coating Systems announced that Charlie Shaver has resigned as Chairman of its Board of Directors, effective 30 June 2019, to focus on other professional commitments. The Board of Directors has appointed current Independent Presiding Director Mark Garrett as its new Chairman. Garrett also serves as Chairman of Axalta’s Strategic Review Committee.
Axalta is looking into a potential sale, after it announced last week that it would conduct a “comprehensive review of strategic alternatives to maximise shareholder value”. Garrett is leading that review as head of the Strategic Review Committee.
“I am honoured to have served as Axalta’s Chairman over the past six years and proud of all the company has accomplished,” said Shaver. “Axalta’s tremendous progress in recent years has enabled the company to review a range of strategic alternatives from a position of strength, which I strongly believe is the best course of action for Axalta and its shareholders, customers and employees. With the review underway, now is the right time to make this important transition at the board level. I look forward to watching the next great chapter in Axalta’s journey under the exemplary leadership of Mark Garrett and Robert Bryant.”
“On behalf of the Board, I would like to thank Charlie for the many contributions he has made to Axalta over the past six years, both in the boardroom and as CEO,” said Garrett. “Charlie has played an instrumental role in positioning Axalta for the future by solidifying its market leadership and building a strong foundation for growth. I am honoured by the opportunity to build on Axalta’s rich history and oversee a comprehensive review of strategic alternatives to maximise value for shareholders.”
“I have enjoyed working with Charlie and wish him all the best in the future,” said Robert W. Bryant, Axalta’s Chief Executive Officer. “I look forward to working closely with Mark and the rest of the Board through the strategic review process and beyond to maximise value for Axalta shareholders.”