Axalta’s general counsel steps down
In a press release of November 21, Axalta (AXTA) announced that Michael Finn, the company’s senior vice president, general counsel, and corporate/government affairs and corporate secretary, stepped down. Axalta said that he’s leaving the company to pursue other career opportunities. Finn has been with Axalta since 2013.
Tabitha Oman, Axalta’s vice president, deputy general counsel, and chief compliance officer, will resume the interim role of general counsel until Axalta finds new executive for the role.
Robert Bryant, Axalta’s CEO, said, “On behalf of Axalta, I would like to thank Michael for his leadership and counsel to Axalta during the past five years. Michael’s innumerable contributions go far beyond the global leadership of our legal and compliance functions, as he has been invaluable in establishing Axalta as a standalone public company, supporting our Board, leading many significant transactions, and managing complex litigation and regulatory matters.”
Axalta’s stock price update
Axalta was able to dodge the volatile market and made a small gain. Axalta stock gained 0.50% and closed at $24.72 for the week ending November 23. However, Axalta traded 12.7% below its 100-day moving average price of $28.33, which indicates the downward trend in the stock. On a year-to-date basis, Axalta has made investors poorer by 23.6%. RPM International (RPM) and Sherwin-Williams (SHW) have gained 20.5% and 1.2%, respectively, while PPG Industries (PPG) has declined 9.2%.
Axalta’s 14-day RSI (relative strength index) is at 41, which indicates that the stock isn’t overbought or oversold. An RSI of 30 and below suggests that the stock is oversold, while an RSI of 70 and above suggests that the stock is overbought.
Axalta also underperformed the iShares US Basic Materials ETF (IYM), which fell 3.7% last week. IYM invested 0.9% of its portfolio in Axalta stock as of November 23.