As part of the strategy to separate Specialty Chemicals from its Paints and Coatings business, AkzoNobel announced in March 2018 that it had agreed to sell 100% 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 will join the new company as Chief Executive Officer.

Werner Fuhrmann, CEO of Specialty Chemicals, returned from retirement in August 2017 to head up the entity and in particular to lead the business through this time of change. As was always his intention and, upon completion of the sale, he will return to retirement. Carlyle and GIC thank Werner for his commitment, leadership and dedication to the business over the years.

Charles “Charlie” Shaver will join Specialty Chemicals from Axalta where he serves as Chairman of the Board and Chief Executive Officer. He will step down as CEO of Axalta on 4 September this year but will remain Chairman of the Board. Prior to joining Axalta, he was Chief Executive Officer 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 Company. Mr. 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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