Trian Partners Activist Presentation Deck
Trian Believes the Investment Community Would Welcome a Change of Leadership
"We are concerned that the accounting errors were either a function of
pressure from the top, or a lack of oversight. If that is the case, and the
audit committee does not do its job properly we end up with a company
with weak leadership, likely to continue with poor or overly optimistic
judgement. If, on the other hand, there is more to come and we see a
change in leadership at PPG it could be a good thing, depending on who
fills the role. It is no secret that PPG/Akzo deal broke down because of a
dramatic clash of character between the Chairman of Akzo and the CEO of
PPG-both sides blame each other. With the right change at PPG and with
the Chairman of Akzo now gone, the deal (which makes a lot of strategic
sense for both) may come back on the table. The issue would be finding a
credible successor for Mr. McGarry...Reengagement with Akzo, coincident
with a popular change in leadership might be very positive for PPG, but for
now we remain negative.
Source: SSR Research.
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Graham Copley-SSR, 5/13/18
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