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PPG Industries backs CEO after shareholder Trian calls for his ouster

October 25, 2018 2:05 PM
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(Reuters) - Paints and coatings maker PPG Industries (PPG.N) said its board unanimously backed Michael McGarry as Chairman and CEO, in response to Nelson Peltz-owned Trian Fund Management’s call for his ouster.

Peltz’s Trian Fund, which owns a 2.9 percent stake in PPG, had reportedly asked for the current CEO to be replaced by his predecessor, Charles Bunch, in a bid to improve performance before a possible split of the company, according to a Bloomberg report which cited people familiar with the matter.

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