- Push-out Score determined
- After around seven years in the position
- Praise and thanks for McGarry
- Tim Knavish taking over
- McGarry will remain as Executive Chairman at PPG
- McGarry said 84 words
(exechange) — Pittsburgh, Pennsylvania, October 19, 2022 — Michael McGarry, chief executive of PPG, leaves his position. As announced by PPG Industries Inc. in a news release and in a regulatory filing published on Wednesday, October 19, 2022, Michael H. McGarry leaves his post as chief executive officer at the maker of paints and coatings, after around seven years in the role, effective December 31, 2022.
Michael McGarry’s duties as CEO will be taken over by Timothy M. (Tim) Knavish, currently chief operating officer at PPG Industries Inc.
“Economic challenges”
PPG did not give an explicit reason for Michael McGarry’s departure from the CEO post. Knavish said: “Our global business portfolio remains well positioned for future growth and to successfully navigate through the current global economic challenges.”
McGarry will remain as Executive Chairman at PPG
“McGarry, who has served as CEO since September 2015, will become Executive Chairman, effective Jan. 1, 2023. McGarry also has announced to the PPG Board of Directors his intention to retire as Executive Chairman and as a director of the Company, effective October 1, 2023,” PPG said.
Share price increase since October 2017
The announcement follows an increase in PPG Industries Inc.’s share price of 5% since October 2017.
In the position of CEO since 2015
Michael McGarry became CEO of the Company in 2015.
McGarry has been a Director of PPG since 2015.
McGarry has been Chairman and Chief Executive Officer of PPG since September 1, 2016.
Previously, he served as President and Chief Executive Officer from September 1, 2015 to September 1, 2016, President and Chief Operating Officer from March 2015 until September 1, 2015 and Chief Operating Officer from August 2014 until March 2015.
McGarry has also served as Executive Vice President from 2012 until 2014; Senior Vice President, Commodity Chemicals from 2008 until 2012; Vice President, Coatings, Europe, and Managing Director, PPG Europe from 2006 until 2008; and Vice President, Chlor-Alkali and Derivatives from 2004 to 2006.
He joined PPG in 1981.
McGarry is also a director of United States Steel Corporation and served as a director of Axiall Corporation from 2013 through August 2016.
He also serves as Chairman of the American Coatings Association.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Michael McGarry’s move on a scale of 0 to 10.
exechange reached out to PPG and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 43.2022 ($).