PPG Industries (NYSE:PPG) today announced that Frank S. Sklarsky will join the company as executive vice president, finance, effective April 15, reporting to Chairman and CEO Charles E. Bunch. Also, effective August 1, Sklarsky will be named PPG executive vice president and chief financial officer. David B. Navikas, currently PPG senior vice president, finance and chief financial officer, will continue in his current role until August 1, and will then continue as senior vice president in a senior leadership role that will be announced later. “We are pleased to welcome Frank to PPG. His deep financial management expertise and executive leadership experience guiding strategy and operations with large, global enterprises will be an asset to PPG as we continue to grow and expand our positions around the world,” Bunch said. “I also want to recognize David Navikas as he transitions into his next senior leadership role in PPG,” Bunch said. “David’s detailed understanding of PPG’s global businesses and deep financial management expertise are invaluable, as demonstrated recently in his role supporting our strategic initiatives to separate PPG’s commodity chemicals business and to acquire AkzoNobel’s North American architectural coatings business. “Frank, David and I will work closely together with PPG’s global finance organization and the entire leadership team as we carry out this important senior leadership succession,” Bunch said. Most recently, Sklarsky was executive vice president and chief financial officer, Tyco International, Ltd., a global provider of security, fire protection and flow control solutions with revenues that exceeded $17 billion. Prior to joining Tyco, Sklarsky served as executive vice president and chief financial officer at both Eastman Kodak Co. and ConAgra Foods, Inc. Previously, he spent 20 years with Chrysler in a series of senior financial leadership roles. He also held finance positions with Dell, Inc., after beginning his career with Ernst & Young. Sklarsky is a member of the board of directors of Harman International Industries, Inc., and of Rochester Institute of Technology. He holds a bachelor’s degree in accounting from Rochester Institute of Technology and an MBA from Harvard Business School, and he is a certified public accountant.
Jefferies analysts note that recent construction spending data indicates a cycle rotation away from construction-exposed names and toward industrial- and durable goods-levered firms could be playing out.