Posted 19 October, 2022
PPG INDUSTRIES INC appointed Timothy M. Knavish as new CEO
NYSE:PPG appointed new Chief Executive Officer Timothy M. Knavish in a 8-K filed on 19 October, 2022.
On October 19, 2022, the Board of Directors of PPG Industries, Inc. (the "Company") elected Timothy M. Knavish as President and Chief Executive Officer and Michael H. McGarry as Executive Chairman, both effective January 1, 2023.
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Overview of PPG INDUSTRIES INC
Real Estate/Construction • Building Materials/Products
PPG Industries, Inc. engages in the manufacture and distribution of paints, coatings, and specialty materials. It operates through the Performance Coatings and Industrial Coatings segments. The Performance Coatings segment supplies a variety of protective and decorative coatings, sealants, and finishes along with pavement marking products, paint strippers, stains, and related chemicals, as well as transparencies and transparent armor. The Industrial Coatings segment includes a variety of protective and decorative coatings and finishes along with adhesives, sealants, metal pretreatment products, optical monomers and coatings, low-friction coatings, precipitated silicas, and other specialty materials. The company was founded by John B. Ford and John A. Pitcairn in 1883 and is headquartered in Pittsburgh, PA.Market Cap
$29.4B
View Company Details
$29.4B
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On October 19, 2022, the Board of Directors of PPG Industries, Inc. (the "Company") elected Timothy M. Knavish as President and Chief Executive Officer and Michael H. McGarry as Executive Chairman, both effective January 1, 2023. On October 19, 2022, Mr. McGarry also informed the Board of Directors that he intends to retire as Executive Chairman and as a director of the Company, effective October 1, 2023. The Board of Directors also elected Mr. Knavish as a director to serve in the class whose term expires at the Annual Meeting of Shareholders in 2023, effective as of October 20, 2022. Mr. Knavish was not selected as a director of the Company pursuant to any arrangement or understanding between Mr. Knavish and any other person or entity. The Board of Directors did not appoint Mr. Knavish to serve on any committees of the Board due to his position as an executive officer of the Company. Mr. Knavish became Chief Operating Officer of the Company on March 1, 2022. He previously served as Executive Vice President from October 2019 through February 2022, Senior Vice President, Architectural Coatings and President, PPG Europe, Middle East and Africa from January 2019 through September 2019, Senior Vice President, Industrial Coatings from October 2017 through December 2018, Senior Vice President, Automotive Coatings from March 2016 through September 2017, Vice President, Protective and Marine Coatings from August 2012 through February 2016 and Vice President, Automotive Coatings, Americas from March 2010 through July 2012. Mr. McGarry has served as Chairman and Chief Executive Officer of the Company since September 2016 and as Chief Executive Officer since September 2015. In connection with Mr. Knavish's appointment as President and Chief Executive Officer, effective January 1, 2023, Mr. Knavish's annual salary will be increased to $1,200,000, and he will be eligible for a target cash bonus under the Incentive Compensation Plan of $1,740,000. On January 1, 2023, Mr. Knavish will receive a grant under the Amended and Restated Omnibus Incentive Plan comprised equally of stock options, performance-based restricted stock units and total shareholder return contingent shares with an aggregate value of $7,500,000 on the grant date. Mr. Knavish will not receive any compensation for his service as a director of the Company. In connection with his transition to Executive Chairman, on January 1, 2023 Mr. McGarry will receive a grant of time-based restricted stock units under the Amended and Restated Omnibus Incentive with an aggregate value of $5,000,000 on the grant date. These time-based restricted stock units will vest upon Mr. McGarry's retirement from the Company if his retirement date is on or after July 1, 2023. A press release reporting Mr. Knavish's election and Mr. McGarry's election and retirement is attached hereto as Exhibit 99 and is incorporated herein by reference.
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