PITTSBURGH — PPG (NYSE:PPG) today announced that Tim Knavish, chief operating officer, has been named president and chief executive officer (CEO), effective Jan. 1, 2023.
Knavish, 57, who has served as PPG’s chief operating officer since March, will succeed Chairman and CEO Michael McGarry, 64, in the role of CEO. 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.
“I want to thank Michael and the PPG Board of Directors for their trust and confidence as we continue to drive PPG forward. Our global business portfolio remains well positioned for future growth and to successfully navigate through the current global economic challenges,” said Knavish. “I look forward to continuing to work with the more than 50,000 PPG people across the world to support our customers, deliver excellent business performance and create additional shareholder value.”
“Tim is a highly respected business leader who has played an instrumental role in PPG’s growth across the markets we serve,” McGarry said. “His leadership has been invaluable as PPG has executed several important strategic actions, including PPG’s recent acquisitions and successful integrations of Tikkurila and Ennis-Flint, now PPG’s Traffic Solutions business. Tim’s proven ability to lead the implementation of our global business strategies, and his focus on continuously strengthening our operations and energizing our diverse workforce will be important in delivering on our growth strategy.”
“On behalf of the PPG Board of Directors, we want to congratulate Tim and also recognize Michael’s outstanding leadership and strategic vision in guiding PPG through some of the most challenging periods in its nearly 140-year history,” said Hugh Grant, PPG independent lead director and retired chairman and chief executive officer, Monsanto Company. “Michael’s leadership in completing several of PPG’s largest acquisitions has made a significant impact on expanding the company’s portfolio and reach in key growth markets. We thank him for his many contributions and look forward to benefiting from his continued leadership as executive chairman of PPG’s Board of Directors. As we look ahead, the board fully supports Tim and the entire PPG team as they work to achieve future growth and increased value for our shareholders.”