After that Hugh Grant and Michael McGarry retired, PPG appointed Michael W. Lamach and Tim Knavish as their successors.
The international paints and coatings manufacturer PPG
has recently announced important successions in its management team and Board of Directors, effective from 1st October 2023: Tim Knavish has been unanimously elected as chair and CEO of the board
following the retirement of Michael McGarry, while Michael W. Lamach has been appointed as independent lead director and chair of the Nominating and Governance Committee – succeeding Hugh Grant.
The 58-year-old Knavish, who is also currently president and CEO of the company, joined PPG in 1987 and has held roles of increasing responsibility during his career. Lamach, on the other hand, was the executive chair of Trane Technologies plc – a global leader in climate control and climate-focused innovations for buildings, homes and transportation – from July 2021 until his retirement in December of the same year.
“On behalf of the PPG board of directors, we want to congratulate Tim and recognize the significant contributions Michael has made in leading PPG through some of the most challenging periods in its 140-year history. Michael’s leadership has made a significant impact on expanding the company’s portfolio and reach in key growth markets, strengthened PPG’s position, and set the company on a solid path for future growth and success. We wish him the very best. 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”, has declared Grant. “After a thoughtful and deliberative process, the board of directors agreed that appointing Tim as chair and CEO enhances the alignment between PPG management and the Board in implementing PPG’s enterprise growth strategy. Tim has an intimate knowledge of the business, can quickly identify and implement strategic priorities, and has demonstrated the ability to serve as an effective bridge between the Board and management.”
“Hugh has brought considerable expertise and talents to the Board, including his exceptional leadership, his insightful approach to complex issues and his extensive knowledge of corporate affairs and governance, all of which provided a dimension to the Board’s deliberations that will be greatly missed,” has stated Michael McGarry, the executive chairman of PPG. “We thank Hugh for his 18 years of service and his valued guidance to three PPG CEOs. Hugh has certainly fulfilled his commitment to the Company and shareholders, including completing the most recent CEO transition this year. Throughout his time on the board, Hugh has been strongly committed to and supportive of our Company’s growth and strategic direction, guiding the Board with a strong focus on delivering value to our shareholders. His acumen in illuminating the Company’s strategy and accomplishments for our shareholders has been a significant asset to the Company and its leadership. The Board agreed that Mike is ideally suited to serve as the new PPG independent lead director given his many contributions since joining the board, his sound perspective, dedication to PPG, and proven experience as chairman and CEO of Trane Technologies and role as a director at both Trane and Ingersoll-Rand. We wish Mike all the best in this important role and strongly believe that his and Tim Knavish’s leadership as Chairman and CEO will help PPG grow, deliver and assure that PPG’s best days are still ahead.”