The revolving door in the executive suite continues at DuPont spin-off Axalta Coating Systems.
TheBoard of Directors has appointed Robert Bryant, Axalta’s Chief Financial Officer, to the additional role of interim Chief Executive Officer, effective immediately.
Axalta makes coatings for automotive and other industries and has continued its former parent ’s involvement in NASCAR racing that included sponsorship of now-retired driver Jeff Gordon.
Bryant succeeds Terrence Hahn, who has resigned by mutual agreement with the board, following an investigation by outside counsel into his conduct. According to a release, the conduct was “unrelated to financial matters that Axalta believes was inconsistent with company policies. Hahn has also vacated his position on the board.
The nature of the investigation was not immediately disclosed. Hahn had only served as CEO for a short time.
Chairman Charlie Shaver said, “We are pleased that Robert Bryant has agreed to step into the role of interim CEO. Having worked closely with Robert for over five years, I know he has the leadership skills and financial acumen, as well as the respect of the management team and employees, to be an effective leader for Axalta. The Company remains well positioned to build on its success, with strong end-market demand and an unrelenting focus on customer service and innovation.”
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.”
Shaver was Axalta CEO but took a position heading a unit of Akzo Nobel, which attempted to merge with Axalta. He remained chairman of Axalta after leading the company after its spin-off from DuPont.
Axalta is departing Delaware and has formed strong ties with Philadelphia, with its headquarters in the city and work underway on a research center at the Navy Yard. In addition to NASCAR, the company has been a sponsor for the Philadelphia Eagles.
Axala also has an office operations center in the Chadds Ford just north of the Delaware line.
Axalta has plants around the world and $4.5 billion in annual sales, about a billion less than the other big DuPont spin-off Chemours, which chose to remain in Delaware.
The publicly traded company was acquired by private equity investor Carlyle Group. A later stock offering generated a market value in excess of the price paid by Carlyle to DuPont.
Both Axala and Chemours have thrived outside the DuPont umbrella as the economy improved and efficiency measures took hold.
The spinoffs came under former CEO Ellen Kullman who remained under pressure from shareholders to sharpen the focus of the company and boost earnings.
Kullman later stepped down after a proxy battle over whether the company should spin off more holdings. She was succeeded by board member Edward Breen, who was brought as an alternate choice for board seats.
Breen engineered a merger with Dow that will result in the spinoff of DowDuPont into three companies.
