PPG’s latest appointment
In a press release on April 8, PPG Industries (PPG) announced that it has appointed Devashish Saxena as its new vice president and chief digital officer. The appointment was effective on April 1. In the new role, Saxena will head the company’s digital transformation. He will work to unlock customer value through enhancement, connectivity, automation, insights, and innovation.
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Previously, Saxena was the vice president of global digital business and e-commerce at Rexel—a French-based multi-channel distributor of electrical supplies. He has also worked at Premier Farnell, Texas Instruments, A.T. Kearney, and Nortel Networks.
Tim Knavish, PPG’s senior vice president for architectural coatings and the president of Europe, the Middle East, and Africa, said, “Devashish has a proven record in building global digital organizations and strategy, holding executive leadership roles across numerous multi-channel and Fortune 500 companies throughout his 25-year career.”
On April 8, PPG Industries closed on a declining note. The company ended 0.5% lower than its previous close and closed at $114.40. So far, PPG Industries has risen 13.0% in 2019. Sherwin-Williams (SHW), RPM International (RPM), and Axalta (AXTA) have risen 14.6%, 4.1%, and 18.5%, respectively. Currently, the stock is trading well above analysts’ estimate of $113.7.
Investors could hold PPG Industries indirectly by investing in the Invesco S&P 500 Equal Weight Materials ETF (RTM), which has invested 3.9% of its portfolio in PPG Industries as of April 8.