PPG Industries has named Michael McGarry, current executive v.p., as COO, effective 1 August. McGarry will have responsibility for all of PPG’s strategic business units and operating regions and for the information technology (IT), environment, health and safety (EH&S), and purchasing functions.
The appointment puts McGarry in a position to eventually succeed PPG chairman and CEO Charles Bunch, although a company spokesperson says that Bunch has no current plans to change roles. "McGarry’s appointment to COO is an important piece in PPG’s succession planning process," says a company spokesperson. "PPG’s chairman and CEO, Charles Bunch, currently has no plans to change his role at PPG. Michael’s operational expertise and demonstrated ability to implement the company’s business strategies will play a key role in PPG’s focus to continually deliver increased shareholder value."
McGarry was named PPG executive v.p. in September 2012 and currently leads PPG's architectural coating and flat glass segments, and also has overall responsibility for the Europe, Middle East and Africa (EMEA) region. McGarry was previously responsible for PPG's global aerospace and automotive refinish businesses, and led PPG’s commodity chemicals segment from July 2008 until the divestment of that business to Georgia Gulf in early 2013. He joined the company in 1981 as an engineer at the company’s Lake Charles, LA chemicals complex.
“Michael’s experience and leadership have been instrumental in driving PPG’s transformation into the world’s leading coatings and specialty materials company,” Bunch says. “In this new role, Michael’s proven operational expertise and demonstrated ability to implement our business strategies will play a key role in our continued focus to deliver increased shareholder value.”
PPG today reported second quarter net income from continuing operations up 24% year-on-year (YOY), to $393 million, or $2.80/share, on sales up 5%, to $4.1 billion. Adjusted earnings rose 24% YOY, to $2.83/share, ahead of analysts’ consensus estimate of $2.77/share, as reported by Thomson Reuters (New York).