The Carlyle Group and GIC identify new CEO for AkzoNobel Specialty Chemicals pending completion of the sale
London, UK - 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.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $210 billion of assets under management across 335 investment vehicles as of June 30, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,625 people in 31 offices across six continents. Web: www.carlyle.com
GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. A disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. In private equity, GIC invests through funds as well as directly in companies, partnering with its fund managers and management teams to help world class businesses achieve their objectives. GIC has investments in over 40 countries and has been investing in emerging markets for more than two decades. Headquartered in Singapore, GIC employs over 1,500 people across 10 offices in key financial cities worldwide. For more information about GIC, please visit www.gic.com.sg.
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