PPG's chairman and chief executive officer Raymond W. LeBoeuf today announced
he will retire July 1 after nearly 25 years with the company and eight years as
its chairman and CEO.
As part of PPG's succession plan, the company's board of directors today elected
Charles E. Bunch, 55, as president and chief executive officer, effective immediately.
Bunch will become chairman of the board and CEO July 1 upon LeBoeuf's retirement.
"Today's announcements are consistent with PPG's long-term management
succession plan, which the board of directors had previously approved," LeBoeuf
said. "This orderly transition reflects our company's management strength
During LeBoeuf's tenure, PPG's management team has reshaped the company's
business portfolio through acquisitions and organic growth, generating record
sales in 2004 and a four-year record in cash from operations.
LeBoeuf joined PPG as treasurer in 1980 after holding various financial management
posts at Ford Motor Co. He became PPG's controller in 1984, vice president of
purchasing in 1986, vice president of finance and chief financial officer in 1988,
and vice president of coatings in 1994. Elected executive vice president in 1994,
he continued to lead the coatings business until early 1995. He was elected president
and chief operating officer and a member of PPG's board in December 1995. LeBoeuf
became CEO in July 1997, and chairman and CEO the following November.
A Chicago native, LeBoeuf is a political science and history graduate of Northwestern
University; he earned a master's degree in business administration from the University
of Illinois. He is a director of Praxair Inc. and ITT Industries, and a member
and former chairman of the Robert Morris University board of trustees. He is also
a board member of the Business Roundtable, Extra Mile Education Foundation and
the Pittsburgh Cultural Trust.
Bunch was elected president, chief operating officer and a PPG board member
in July of 2002. After joining the company in 1979 as an assistant to the corporate
controller, he served in a variety of assignments in the United States and Europe
before being named corporate director of purchasing and distribution in 1988.
He became general manager of architectural coatings in 1992, vice president of
that unit in 1994, and vice president of fiber glass in 1995. He was elected senior
vice president of strategic planning and corporate services in 1997 and executive
vice president, coatings, in early 2000.
A native of Philadelphia, Bunch received a degree in international affairs
from Georgetown University and a master's degree in business administration from
the Harvard University Graduate School of Business Administration. He is a director
and deputy chairman of the Federal Reserve Bank of Cleveland, a member of the
University of Pittsburgh's board of trustees, and a member of the board of directors
of the H. J. Heinz Co., the National Association of Manufacturers, and the National
Paint and Coatings Association.