Axalta Coating Systems Ltd. (NYSE: AXTA) ("Axalta"), a leading global coatings company, today announced plans to more closely align its global organization with its two global business segments to drive improved performance. This realignment follows the restructuring program announced over the summer and, together, the two initiatives are part of the Company's ongoing program to increase organizational effectiveness and enable growth.
For the
last seven years, Axalta has operated in a dynamic matrix organization
consisting of regional leadership, global commercial business leadership and
global functions where regional leadership had primary financial
responsibility. The Company plans to simplify the structure to further empower
global business units with full P&L responsibilities.
Robert W. Bryant, Axalta's President and CEO commented, "With today's
announcement, primary decision-making authority will reside with business unit
leadership, supported by regional leadership and our global functions. These
changes are expected to increase accountability, accelerate decision making and
improve execution, as well as support our objective to drive operational
performance for sustainable growth and shareholder value creation."
Mr. Bryant
continued, "Axalta's strategic review completed in March provided us with
valuable insights into areas where we had the opportunity to simplify and
streamline our decision-making processes. Aligning our organization more
directly with our businesses will enable us to focus on our customers and
better support our growth objectives in each of our markets."
As a part
of this organizational realignment, Axalta will close its Center City Philadelphia offices. Employees will shift
to either the new global headquarters at its existing offices in Glen Mills, Pennsylvania, or to Axalta's Global
Innovation Center in the Philadelphia Navy Yard with key technical staff.
"Bringing together our corporate, business and technology teams will
foster increased collaboration, accelerate innovation and enhance operational
efficiency," Mr. Bryant noted.
Axalta's
regional headquarters in Basel, Switzerland, and
Shanghai, China, will continue to play important
roles in the day-to-day management of Axalta's people and resources, as key
business leadership at both regional and global headquarters will be
strengthened as part of this process. Business leaders across the Company's
four end-markets within its Performance Coatings and Transportation Coatings
segments will assume responsibility for strategy and execution with full
accountability for financial results.
The
organizational realignment will be effective January 1,
2021, and the Philadelphia office shifts
will occur in mid-2021.
About
Axalta Coating Systems
Axalta is
a global leader in the coatings industry, providing customers with innovative,
colorful, beautiful and sustainable coatings solutions. From light vehicles,
commercial vehicles and refinish applications to electric motors, building
facades and other industrial applications, our coatings are designed to prevent
corrosion, increase productivity and enhance durability. With more than 150
years of experience in the coatings industry, the global team at Axalta
continues to find ways to serve our more than 100,000 customers in over 130
countries better every day with the finest coatings, application systems and
technology. For more information, visit axalta.com and follow us @axalta on
Twitter.
Media Contact
Christopher Mecray
+1-215-255-7970
christopher.mecray@axalta.com