- Push-out Score suggests push-out forces
- After about five and a half years in the position
- Accolades, praise and thanks for Shaver
- Terrence Hahn taking over
- Shaver will remain as Non-Executive Chairman at Axalta
- Shaver spoke at length and said 257 words
(exechange) — Philadelphia, Pennsylvania, July 25, 2018 — Charlie Shaver, chief executive of Axalta, leaves the position. It is a change at short notice. As announced by Axalta Coating Systems Ltd. in a news release on Wednesday, July 25, 2018, Charles W. (Charlie) Shaver leaves his post as Chief Executive Officer at the coatings company after about five and a half years in the role, effective September 4, 2018.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.4 years, according to data compiled by exechange.
Shaver’s duties will be taken over by Terrence S. Hahn, most recently Chief Executive Officer of the Home and Building Technologies group of Honeywell International Inc.’s.
The fact that Shaver’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“To pursue a unique professional opportunity”
Shaver’s imminent departure from the CEO post is explained as follows. Axalta said that Shaver “has chosen to step down as Chief Executive Officer to pursue a unique professional opportunity.”
The phrase “to pursue a unique professional opportunity” opens the door to speculation.
Shaver will remain as Non-Executive Chairman at Axalta
“Shaver, who has chosen to step down as Chief Executive Officer to pursue a unique professional opportunity, will remain on Axalta’s Board and serve as Non-Executive Chairman, working closely with Hahn to ensure a seamless leadership transition,” Axalta said.
Axalta said: “Axalta Coating Systems Ltd. … today announced that its Board of Directors has appointed Terrence Hahn as Chief Executive Officer, effective September 4, 2018, succeeding Charlie Shaver, who served as Axalta’s Chairman and Chief Executive Officer since 2013.”
Share price decline
The change follows a decline in the share price of Axalta Coating Systems Ltd. since November 2017.
In the position of CEO since 2013
Shaver became Chairman of the Board and Chief Executive Officer on February 1, 2013.
With over 35 years of leadership roles in the global petrochemical, oil, and gas industry, he was most recently the Chief Executive Officer and President of the TPC Group.
Shaver also served as Vice President and General Manager for General Chemical, from 2001 through 2004 and as a Vice President and General Manager for Arch Chemicals from 1999 through 2001.
Shaver began his career with the Dow Chemical Company serving in a series of operational, engineering and business positions from 1980 through 1996.
He has an extensive background of leadership roles in a variety of industry organizations having served on the American Chemistry Council Board of Directors and Finance Committee, the American Coatings Association (ACA) Board of Directors and Executive Committee, and the National Petrochemical and Refiners Association Board and Executive Committee.
He is currently Chairman of the Board of the ACA.
He also has served as an Operating Partner of private equity firms, Golden Gate Capital (San Francisco), and the Carlyle Group (Washington D.C.)
Shaver currently serves as Chairman of the Board of Directors of U.S. Silica (NYSE: SLCA) and is on the Board of Directors of Atotech. He was past Chairman of Taminco, Inc. (now owned by Eastman Chemical).
He serves on the President’s Council and is a supporter of Ducks Unlimited, the largest wetlands conservation organization in the U.S. He earned his B.S. in Chemical Engineering from Texas A&M University.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Charlie Shaver’s imminent move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 31.2018 ($).