PHILADELPHIA, PA — Axalta Coating Systems Ltd. (NYSE: AXTA), a leading global coatings provider, disclosed today that Robert M. McLaughlin, a distinguished member of its Board of Directors since 2014, will retire and not seek re-election at the company’s 2024 Annual General Meeting of Members. Mr. McLaughlin, who has contributed significantly to the company through his roles as Chair of the Audit Committee and member of the Compensation Committee, affirmed his commitment to serve until the upcoming AGM.
Reflecting on his tenure, Mr. McLaughlin expressed pride in Axalta’s decade-long journey of evolution and growth, stating, “It has been a privilege to serve as a member of Axalta’s Board for the past ten years.” He voiced confidence in the company’s future prospects and its leadership under CEO Chris Villavarayan.
Rakesh Sachdev, Axalta’s Board Chair, extended gratitude to Mr. McLaughlin for his invaluable service and leadership, particularly emphasizing his role in steering the company’s strategic direction and business advancement. Chris Villavarayan, Axalta’s CEO and President, also praised Mr. McLaughlin’s mentorship and partnership, crediting him with playing a pivotal role in positioning Axalta for continued success.
In anticipation of Mr. McLaughlin’s departure, the Board has announced that Jan Bertsch, a current Board member and Audit Committee member, will assume the role of Chair of the Audit Committee effective June 2024. This transition underscores Axalta’s commitment to maintaining robust governance and oversight mechanisms, ensuring the company remains well-positioned for future challenges and opportunities.
Mr. McLaughlin’s retirement marks the end of an era for Axalta, highlighting the dynamic nature of corporate governance and the importance of succession planning in maintaining continuity and operational excellence. His decade-long contribution to Axalta’s growth and strategic development leaves a lasting legacy, setting a high standard for future board leadership.
As Axalta prepares for this transition, industry watchers will closely monitor the impact of these changes on the company’s strategic direction and governance practices. The appointment of Jan Bertsch as the new Chair of the Audit Committee signals a seamless continuation of Axalta’s commitment to financial integrity and transparency, critical elements for investor confidence and corporate success in the competitive global coatings market.
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