PPG Industries Makes Some Changes in Top Leadership
PPG Industries’ leadership changes
On September 21, 2017, PPG Industries (PPG) announced several changes to its leadership team. The changes will be effective October 1, 2017. Tim Knavish has been chosen senior vice president of Industrial Coatings. He will replace Shelley Bausch who decided to leave the company effective September 30, 2017. Knavish will also look into PPG’s Packaging Coatings and Industrial Coatings Services businesses. He will continue to report to PPG’s chair and chief executive officer Michael McGarry.
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PPG also made other leadership changes. Gary Danowski will become vice president of Automotive Coatings and will report to McGarry. In another development, PPG’s executive vice president Viktor Sekmakas has opted to retire, effective September 30, 2017.
PPG’s stock performance
PPG had a good week with a gain of 2.3%, closing at $108.76. It outperformed its peers RPM International (RPM) and Axalta (AXTA), which returned 0.90% and -0.75%, respectively, but underperformed Sherwin-Williams (SHW), which rose 2.6%. It managed to beat the Materials Select Sector SPDR ETF (XLB), which rose 0.90% in the same period. XLB has invested 4.5% of its portfolio in PPG Industries.
The gain helped PPG trade 0.90% above the 100-day moving average price of $107.38, implying a turnaround in the stock. On a year-to-date basis, the stock has risen 14.8%. Analysts see a further upside in the stock and have provided a target price of $115.43, implying a return potential of 6.5% from the closing price on September 22, 2017. PPG’s 14-day relative strength index of 65 indicates that the stock is neither overbought nor oversold.