Axalta Announces CEO Transition

Axalta Coating Systems Ltd. announced that Robert Bryant will step down as president and CEO to pursue other opportunities, effective Aug. 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 CEO of Platform Specialty Products Corporation (now renamed Element Solutions Inc.) and Sigma-Aldrich Corporation, will assume the role of interim CEO at that time. The Board has initiated a comprehensive search process to identify a new CEO.

“On behalf of the Board of Directors, I would like to thank Robert for his leadership and dedication to Axalta,” said Bill Cook, Axalta’s board chair. “Robert joined the company as CFO in 2013 when it was first carved out of DuPont and played a key role in Axalta’s successful IPO and listing on the NYSE in 2014.

“Since being appointed president, CEO and director in 2018, Robert has built a strong leadership team and spearheaded our transition to a business-centric operational model that has allowed us to be more customer focused, while also advancing our innovation and human capital programs,” added Cook. “I’d like to extend a special thanks for his leadership during the unprecedented challenges we’ve faced over the past few years related to the COVID-19 pandemic and global supply chain issues. We wish Robert continued success in his next endeavors.

“Our Board remains committed to continuing the acceleration of Axalta’s performance and unlocking long-term value for our shareholders and enhanced opportunities for our employees.,” Cook concluded. “With more than three decades of experience in the management of public and private chemical, life sciences and industrial businesses, Rakesh is a proven leader and the right choice to serve as Axalta’s interim CEO. The Board has tremendous confidence in Axalta’s leadership team and is focused on ensuring the team’s continuity during this transition.”

“Axalta is an industry leader with clear priorities and paths to achieve secular growth and market share gains by leveraging our technology platforms and continuing to launch new and innovative products,” Sachdev said. “During this transitionary period, I look forward to partnering with Axalta’s deep bench of senior leaders to drive further growth as end-markets normalize over time and to execute flawlessly on our strategy to significantly enhance value for all our stakeholders.”

“It has been an honor and a privilege to lead such a talented team across the globe,” Bryant said. “I am proud of the tremendous progress our company has made during my tenure. I want to thank our leadership team and employees for their tireless commitment to the company and our customers around the world. I look forward to watching Axalta realize its full potential.”

Sachdev has served as an independent director of Axalta since August 2020. Sachdev is currently chairman of the Board of Regal Rexnord Corporation and serves as a board member of Edgewell Personal Care Company and Herc Holdings. He is also a senior advisor at New Mountain Capital.

Sachdev has deep experience in the chemical, industrial and life sciences industries and brings significant global expertise in strategy, finance, operations and M&A. He most recently served as CEO of Platform Specialty Products Corporation, a leading global specialty chemicals company, from 2016 to 2019.

Prior to that, he led Sigma-Aldrich Corporation, a leading S&P 500 global life sciences and technology company, as its president and CEO from 2010 until 2015, when it was acquired by Merck KGaA. He previously held executive positions at Meritor, Inc., a global supplier of automotive systems and components, and Cummins Inc., a global engine and power systems manufacturer.