International. As part of the strategy to separate the Specialty Chemicals line from its Paints and Coatings business, AkzoNobel announced in March 2018 that it had agreed to sell 100% of its Specialty Chemistry 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 CEO.
Werner Fuhrmann, CEO of Specialty Chemicals, returned from retirement in August 2017 to lead the entity and, in particular, to lead the business in this time of change. As always was his intention and, at the end 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 of Axalta, where he serves as Chairman of the Board and Chief Executive Officer. He will step down as CEO of Axalta on September 4 of this year, but will remain Chairman of the Board. Prior to joining Axalta, he was CEO and President of TPC Group and previously held various positions at General Chemical and Arch Chemicals, and began his career at Dow Chemical Company. Shaver has been in leadership positions in the global chemical industry for more than 35 years. Your appointment is subject to the completion of the transaction.
