Deals
Trian Is Seeking Ouster of PPG CEO, Split of Chemical Maker
- Nelson Peltz’s firm wants to bring back ‘star’ ex-chief Bunch
- PPG responds that board unanimously backs current CEO McGarry
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Trian Fund Management wants PPG Industries Inc. to oust its chief executive officer and reinstall his predecessor in an effort to improve performance before possibly splitting the chemicals manufacturer.
Nelson Peltz’s New York-based investment firm, which disclosed a 2.9 percent stake in PPG this month, blames CEO Michael McGarry for the company’s underperformance over the past three years, according to a statement confirming an earlier report by Bloomberg. Trian has talked to former PPG Chairman and CEO Charles Bunch, who is prepared to return to the company, according to people familiar with the matter.