Axalta CEO Bryant to step down; Q2 net sales +9.6% to $1.23B, diluted EPS $0.20 vs $0.54

Axalta Coating Systems Ltd.

Robert Bryant steps down as CEO and President effective Aug 31, 2022; will also leave Board.
Rakesh Sachdev, former CEO of Platform Specialty Products and Sigma-Aldrich, appointed interim CEO.
Net sales $1,234.9M (+9.6% YoY); income from operations $103.6M vs $190.4M; diluted EPS $0.20 vs $0.54.
Q3 guidance: Adj. EBIT $140-165M; Adj. diluted EPS $0.37-0.45; expect raw material inflation high teens.
CFO Sean Lannon receives $3.5M cash retention award, subject to 24-month continued employment and non-compete.

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Robert Bryant

Director

AXTA · Axalta Coating Systems Ltd.

Effective: 2022-08-31
Filed: July 26, 2022, 7:59 PM ET

Mr. Bryant will also step down from the Company’s Board of Directors (the “Board”) on such date.

Appointed (interim)

Rakesh Sachdev

Interim Chief Executive Officer and President

AXTA · Axalta Coating Systems Ltd.

Effective: 2022-08-31
Filed: July 26, 2022, 7:59 PM ET

The Board has appointed Rakesh Sachdev, currently an independent member of the Board, to serve as Interim Chief Executive Officer and President (“Interim CEO”) of the Company, effective as of August 31, 2022

Departed

Robert Bryant

Chief Executive Officer and President

AXTA · Axalta Coating Systems Ltd.

Effective: 2022-08-31
Successor: Rakesh Sachdev
Filed: July 26, 2022, 7:59 PM ET

Robert Bryant will step down from his position as Chief Executive Officer and President (“CEO”) of the Company, effective as of August 31, 2022.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 1.0

Robert Bryant departed as Director at Axalta Coating Systems Ltd..

Action: stepped down
Role: Director

Exact text from the filing

Mr. Bryant will also step down from the Company’s Board of Directors (the “Board”) on such date.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Rakesh Sachdev was appointed as Interim Chief Executive Officer and President at Axalta Coating Systems Ltd..

Action: appointed
Role: Interim Chief Executive Officer and President

Exact text from the filing

The Board has appointed Rakesh Sachdev, currently an independent member of the Board, to serve as Interim Chief Executive Officer and President (“Interim CEO”) of the Company, effective as of August 31, 2022

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Robert Bryant departed as Chief Executive Officer and President at Axalta Coating Systems Ltd..

Action: stepped down
Role: Chief Executive Officer and President

Exact text from the filing

Robert Bryant will step down from his position as Chief Executive Officer and President (“CEO”) of the Company, effective as of August 31, 2022.

View on SEC.gov

Axalta Coating Systems Ltd. filing history →

Source: SEC EDGAR

accession 0001616862-22-000027

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