- Push-out Score determined
- After less than four years in the position
- Praise, thanks and good wishes for Bryant
- Rakesh Sachdev taking over temporarily
- Search for a successor
- Bryant said 63 words
(exechange) — Glen Mills, Pennsylvania, July 26, 2022 — Robert Bryant, chief executive of Axalta, leaves. As announced by Axalta Coating Systems Ltd. in a news release and in a regulatory filing published on Tuesday, July 26, 2022, Robert W. Bryant leaves his post as chief executive officer at the coatings company, after less than four years in the role, effective August 31, 2022.
Axalta will undertake a search for a successor.
Robert Bryant’s duties as CEO will be taken over temporarily by Rakesh Sachdev, a former Chief Executive Officer at Platform Specialty Products Corporation (now renamed Element Solutions Inc.), as interim Chief Executive Officer.
Already a director
Sachdev is already a director of Axalta. Directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Sachdev understands the expectations and dynamics of the board and has knowledge of Axalta’s organization, risk-management practices and strategy.
“To pursue other opportunities”
Robert Bryant’s departure from the CEO post is explained as follows. Axalta said: “Robert Bryant will step down as President and Chief Executive Officer to pursue other opportunities, effective August 31, 2022. He will also step down as a member of the Board of Directors at such time. Rakesh Sachdev, an independent director and former Chief Executive Officer of Platform Specialty Products Corporation (now renamed Element Solutions Inc.) and Sigma-Aldrich Corporation, will assume the role of interim Chief Executive Officer at that time.”
Precise information regarding Robert Bryant’s future plans was not immediately available.
“Step down”
Axalta said: “Robert Bryant will step down from his position as Chief Executive Officer and President (“CEO”) of the Company, effective as of August 31, 2022. Mr. Bryant will also step down from the Company’s Board of Directors (the “Board”) on such date.”
“Not related to any disagreement”
“These actions were not related to any disagreement on any matter relating to the Company’s operations, policies or practices,” Axalta said.
Share price decline since July 2019
The announcement follows a decline in Axalta Coating Systems Ltd.’s share price of 14% since July 2019.
In the position of CEO since 2018
Robert Bryant became CEO of the Company in 2018.
His bio reads as follows:
Professional Experience
- Chief Executive Officer and President of Axalta
- Former Executive Vice President and Chief Financial Officer of Axalta
- Former Senior Vice President and Chief Financial Officer of Roll Global LLC
- Former Executive Vice President of Strategy, New Business Development, and Information Technology at Grupo Industrial Saltillo, S.A.B. de C.V.
- Former President of Bryant & Company
- Other prior positions include serving as Managing Principal with Texas Pacific Group’s Newbridge Latin America, L.P., a Senior Associate with Booz Allen Hamilton Inc., and an Assistant Investment Officer with the International Finance Corporation
- Began career at Credit Suisse First Boston in the Mergers & Acquisitions Group
Education
- Bachelor’s degree in Economics from the University of Florida
- MBA from Harvard Business School
Relevant Skills
- Substantial and diverse business and management experience across multiple industries and geographies
- Significant experience in financial management, mergers and acquisitions and strategic planning for public and private companies
- Extensive knowledge of the paints and coatings industry and the Company’s operations in his current role as Chief Executive Officer and former role as Chief Financial Officer
Other
- Member of the Board of Directors of the American Coatings Association
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Robert Bryant’s move on a scale of 0 to 10.
exechange reached out to Axalta and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 31.2022 ($).