October 8, 2018 / 12:27 PM / 4 months ago

Axalta CEO resigns after company says conduct inconsistent with policy

((This October 8, 2018 story corrects headline, paragraph 1 to say “Axalta’ and not “external counsel” believes CEO’s conduct was inconsistent with the company’s policies)

(Reuters) - Axalta Coating Systems Ltd said on Monday Chief Executive Officer Terrence Hahn has resigned after an investigation by an external counsel found conduct that Axalta believed was inconsistent with the company’s policies.

The chemical maker said Hahn’s resignation was by mutual agreement with the board and appointed Chief Financial Officer Robert Bryant to the additional role of interim CEO.

It did not give any details regarding the reasons for his departure, but said it was unrelated to financial matters. The company did not immediately respond to Reuters’ request for comments.

Hahn had joined Axalta in September. Before that he was the CEO of Honeywell’s Home and Building Technologies business group.

Axalta also announced that its preliminary results for the third quarter were in line with the company’s outlook. The company is expected to report quarterly results on Oct.24.

Shares of the company rose 1.5 percent $28.50 in early trading.

Reporting by John Benny in Bengaluru; Editing by Shailesh Kuber

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