Axalta Coating Systems Ltd. announced that its Board of Directors had appointed Robert Bryant, Axalta’s Executive Vice President and Chief Financial Officer, to the additional role of interim Chief Executive Officer, effective immediately.
Bryant succeeds Terrence Hahn, who has resigned by mutual agreement with the Board, following an investigation by outside counsel into conduct by Mr. Hahn unrelated to financial matters that Axalta believes was inconsistent with Company policies. Hahn has also vacated his position on the Board.
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.”
Hahn said, “I wish the best to Axalta’s employees and its leadership.”
Axalta also announced that its preliminary results for the third quarter are in line with the Company’s guidance communicated during its second quarter earnings update, which specified third quarter adjusted EBITDA of approximately 24% of the midpoint of its full-year range.