Axalta Coating Systems Ltd. has announced that its Board of Directors has appointed Terrence Hahn as chief executive officer, effective Sept. 4, 2018, succeeding Charlie Shaver, who served as the Axalta chairman and chief executive officer since 2013. Hahn will also serve on Axalta’s Board of Directors, expanding the size of the board from eight to nine directors.
Hahn was president and chief executive officer of the Honeywell International Inc. Home and Building Technologies group. Shaver, who has chosen to step down as chief executive officer to pursue a professional opportunity, will remain on the Axalta Board and serve as non-executive chairman, working closely with Hahn to ensure a seamless leadership transition.
Shaver says, “On behalf of the Axalta board, I want to welcome Terrence Hahn to the Company. We are confident that Terrence is a great choice to lead Axalta going forward. His accomplishments as an executive with over a decade of domestic and international experience across multiple business groups at Honeywell, along with his nearly two decades of previous experience in a variety of leadership roles at Air Products and Chemicals, make him an ideal fit for Axalta.”
“Since I became CEO more than five years ago, we have managed Axalta’s business and balance sheet, positioning the company to capitalize on opportunities as they arise and generate long-term shareholder value. I am very proud of our achievements as well as our prospects for the future. I have informed the board that I was considering stepping down as CEO and, consistent with our long-term succession planning, the board commenced a search for a potential successor CEO to build on Axalta’s accomplishments and lead the company forward,” says Shaver. “We identified Terrence as having a proven track record of success, and the right expertise, experience, and personality for Axalta. I look forward to a successful transition of the chief executive officer role to Terrence and a partnership with him in my role as chairman.”
Shaver continues, “Serving as CEO of Axalta has been an honor and a privilege. It was a difficult decision to step away from an executive role at Axalta, but I am confident that Terrence has the right skillset to take Axalta to the next level of growth and development.”
Hahn comments, “I am honored to join Axalta at this dynamic time for the company and the coatings industry. I am excited about the opportunity at Axalta to drive organic growth through innovative and value-add offerings that will deepen existing customer relationships and attract new customers, as well as add inorganic growth through strategic acquisitions. I appreciate the confidence the board has in me and look forward to working with Charlie and the Axalta leadership team to help drive the next phase of Axalta’s growth and build shareholder value.”
Mark Garrett, presiding director of Axalta’s board, adds, “On behalf of the board, I would like to thank Charlie for his service to Axalta. As CEO, he led the separation of the company from its former parent and oversaw Axalta’s initial public offering and listing on the New York Stock Exchange. Under his leadership, Axalta has made strides, driven by a commitment to customer service and innovation. We are pleased that he will continue to serve as chairman. We are confident in a transition of leadership to Terrence Hahn. With his experience and track record he is well-suited to lead Axalta’s continued growth in the coatings industry.”