
Cramer ‘Loves’ PPG Industries but Hates to See Its CEO Step Down
NEW YORK (TheStreet) -- PPG Industries (PPG) - Get Report topped second-quarter earnings estimates but its shares are down nearly 3% on Thursday.
But that's not what saddens TheStreet's Jim Cramer. CEO Charles Bunch announced he is stepping down as of Sept. 1.
"That stock is deservedly down because that guy is deservedly great," Cramer, the co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment.
Michael McGarry, the current president and COO, will replace Bunch. Cramer said McGarry is likely very good, but Bunch "is the most bankable [CEO] in that industry."
PPG Industries PPG data by YCharts
"I love this stock," Cramer added, but it is not good news to see Bunch handing over the reins, even though he'll be staying on as executive chairman.
As for those earnings, Cramer pointed out that PPG Industries did far better then Sherwin-Williams (SHW) - Get Report, which is currently down 7.6% on its EPS and revenue miss.
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.









