8-K
PPG INDUSTRIES INC (PPG)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
| FORM | 8-K |
|---|
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
| Date of report (Date of earliest event reported): April 2, 2020 | PPG INDUSTRIES, INC. | |||
|---|---|---|---|---|
| (Exact Name of Registrant as Specified in Charter) | Pennsylvania | 001-1687 | 25-0730780 | |
| --- | --- | --- | ||
| (State or Other Jurisdiction<br><br>of Incorporation) | (Commission<br><br>File Number) | (I.R.S. Employer<br><br>Identification No.) |
One PPG Place, Pittsburgh, Pennsylvania, 15272
(Address of Principal Executive Offices, and Zip Code)
(412) 434-3131
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
| Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|---|
| Common Stock, par value $1.66 ^2/3^ | PPG | New York Stock Exchange | |
| 0.875% Notes due 2022 | PPG 22 | New York Stock Exchange | |
| 0.875% Notes due 2025 | PPG 25 | New York Stock Exchange | |
| 1.400% Notes due 2027 | PPG 27 | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
|---|
In addition to other proactive measures being taken in response to the impacts of COVID-19, the named executive officers and certain other officers of PPG Industries, Inc. (the “Company”) have elected to reduce their 2020 base salaries, and the Officers-Directors Compensation Committee of the Board of Directors approved these salary reductions on April 2, 2020. The base salaries of the named executive officers of the Company will be reduced by the following percentages:
Michael H. McGarry, Chairman and Chief Executive Officer: 30%
Timothy M. Knavish, Executive Vice President: 25%
Rebecca B. Liebert, Executive Vice President: 25%
Vincent J. Morales, Senior Vice President and Chief Financial Officer: 25%
Ram Vadlamannati, Senior Vice President, Protective and Marine Coatings and President, PPG Europe, Middle East and Africa: 20%
These salary reductions are effective immediately and will continue until September 30, 2020 with the possibility of being extended or curtailed based on business conditions and total company performance.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PPG INDUSTRIES, INC. | ||
|---|---|---|
| (Registrant) | ||
| Date: April 8, 2020 | By: | /s/ Michael H. McGarry |
| Michael H. McGarry | ||
| Chairman and Chief Executive Officer |