- PPG Industries (NYSE:PPG -3.2%) names Michael McGarry as its new President and CEO effective Sept. 1, succeeding Chairman and CEO Charles Bunch in the role of CEO.
- McGarry has spent 34 years at PPG, and has served as President and COO since March; Bunch, who has led PPG for the last decade, will continue as Executive Chairman.
- Shares are lower following Q2 results marked by negative currency fluctuations that cut PPG's Q2 sales by $320M, vs. $260M in Q1 and $130M in Q4 2014.
- Q2 revenue edged up 0.4% to $4.1B; excluding currency fluctuations, sales rose 8%, but acquisitions contributed most of the growth, as sales volume grew 1%.
- Performance coatings segment sales added ~3% to $2.41B, mostly due to the Comex acquisition; industrial coatings sales fell 3% to $1.41B, as growth in sales volume and a boost from acquisitions was offset by negative currency impacts.