21st September 2018

SHAVER TO RUN SPECIALTY CHEMICALS

As part of its strategy to separate Specialty Chemicals from its Paints and Coatings business, AkzoNobel announced in March that it had agreed to sell 100 percent of its Specialty Chemicals business to The Carlyle Group and GIC. Upon completion of the transaction, expected before the end of 2018, Charles W. Shaver is slated to join the new company as CEO.

Werner Fuhrmann, CEO of Specialty Chemicals, returned from retirement in August 2017 to head up the entity, and to lead the business through the time of change. As was always his intention and, upon completion of the sale, he will return to retirement. 

Charles Shaver will join Specialty Chemicals from Axalta where he serves as chairman of the board and chief executive officer. He stepped down as CEO of Axalta on September 4, but will remain chairman. Prior to joining Axalta, he was CEO and president of the TPC Group and previously he held a number of roles with General Chemical and Arch Chemicals, having started his career with the Dow Chemical Co.

Shaver brings more than 35 years in leadership roles across the global chemical industry. His appointment is subject to completion of the transaction.

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