PPG Reviews 2024 Results at Annual Shareholders Meeting
PPG., a global leader in paints, coatings, and specialty materials, held its 2025 Annual Meeting of Shareholders, during which Chairman and CEO Tim Knavish provided a comprehensive overview of the company’s performance in 2024 and outlined strategic priorities moving forward. The event underscored PPG’s resilience, innovation, and continued focus on value creation for shareholders, customers, and communities alike.
Strong Financial Performance in 2024
PPG reported net sales from continuing operations of $15.8 billion for the full year 2024. Adjusted earnings per share (EPS) grew by 6%, driven by robust demand for the company’s technology-advantaged product portfolio and the strength of its globally recognized brands.
Knavish credited the company’s diversified and high-performing business segments for the strong results. Notably, 2024 marked record performance in several areas, including aerospace coatings, automotive refinish coatings, and architectural coatings in Latin America.
“Our 2024 performance reflects the strength and depth of our portfolio and the dedication of our global team,” said Knavish. “Our 45,000 employees around the world continue to drive innovation, support our communities, and live our purpose of protecting and beautifying the world.”
Portfolio Optimization and Strategic Divestitures
In a move to sharpen its strategic focus, PPG divested its silicas products business and its architectural coatings business in the U.S. and Canada during 2024. These divestitures reflect the company’s commitment to being a more agile, growth-oriented organization.
“These actions enable us to better align our business with high-growth, high-margin opportunities where we can lead through innovation,” said Knavish. “We are now in a stronger position to accelerate profitable growth and invest in areas that offer long-term value.”
Shareholder Returns and Financial Stability
PPG demonstrated its ongoing commitment to returning value to shareholders with a total of $1.4 billion returned in 2024. This included approximately $620 million in dividends and $750 million in stock repurchases—equivalent to roughly 3% of the company’s outstanding shares.
This marks the 53rd consecutive year in which PPG has increased its annual dividend payout. Remarkably, the company has paid uninterrupted annual dividends for 125 years, reinforcing its reputation for consistency and financial strength.
“Our balance sheet remains strong and gives us the flexibility to continue investing in growth opportunities while rewarding our shareholders,” said Knavish. “We are proud of this legacy and will continue building on it.”
Advancing Innovation and Sustainability
2024 was also a year of notable progress in PPG’s digital transformation efforts. The company introduced several innovations aimed at improving customer productivity, expanding its digital offerings, and enhancing service delivery.
Sustainability remained central to PPG’s strategy, with products categorized as “sustainably advantaged” making up 41% of total sales in 2024. These products are designed to reduce environmental impact across the value chain while helping customers improve their own sustainability performance.
“From low-VOC coatings to energy-saving solutions, we’re proud to deliver innovations that help customers meet their sustainability goals,” said Knavish.
Community Investment and Engagement
In 2024, PPG invested $18.4 million in communities worldwide. These contributions supported over 400 nonprofit organizations and programs focused on education, workforce development, and community enrichment. Employee volunteerism was also a major focus, with employees actively participating in initiatives that positively impact the communities in which they live and work.
“Our commitment to communities is a reflection of who we are as a company,” said Knavish. “We believe in creating a positive legacy—not just through our products but through our presence in communities around the globe.”
Outlook for 2025 and Beyond
Looking ahead, Knavish expressed confidence in PPG’s ability to sustain momentum and drive further growth. He noted expectations for organic sales growth in 2025, particularly in the second half of the year, bolstered by newly secured market share gains and continued strength in core businesses.
“We are well-positioned for another year of progress,” he said. “With our strong financial foundation, innovative product pipeline, and focused strategy, we’re confident in our ability to continue delivering value to all stakeholders.”
Governance Developments and Board Elections
As part of a shift in governance structure, PPG amended its Articles of Incorporation so that beginning with the 2025 Annual Meeting, all directors will be elected annually. At the meeting, shareholders re-elected the following board members:
- Kathy L. Fortmann – CEO, Amyris, Inc.
- Melanie L. Healey – Former Group President, North America, Procter & Gamble
- Gary R. Heminger – Retired Chairman and CEO, Marathon Petroleum Corporation
- Tim M. Knavish – Chairman and CEO, PPG
- Michael W. Lamach – Retired Executive Chair and CEO, Trane Technologies plc
- Kathleen A. Ligocki – Former CEO, Agility Fuel Solutions, LLC
- Michael T. Nally – CEO, Generate Biomedicines, Inc. and CEO-Partner, Flagship Pioneering
- Guillermo Novo – Chairman and CEO, Ashland Inc.
- Christopher N. Roberts III – SVP, Global SH&E, Ecolab Inc.
- Catherine R. Smith – EVP and CFO, Starbucks Corporation
The meeting also marked the retirement of Martin Richenhagen, who served on the Board for 17 years. Knavish and the Board thanked him for his long-standing service and significant contributions to PPG’s growth and governance.
Executive Compensation and Shareholder Proposals
Shareholders approved the compensation packages for PPG’s named executive officers and ratified the selection of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for 2025.
However, shareholders voted against a proposal that would have required a shareholder vote for any executive severance agreement exceeding 2.99 times the sum of the executive’s base salary and target short-term bonus.
Final Thoughts
PPG’s 2025 Annual Meeting showcased a company that is evolving with purpose and precision. With a clear focus on innovation, sustainability, and shareholder returns, PPG enters the new fiscal year with momentum and confidence.
From record-setting business results to deep community engagement and a strong governance framework, PPG continues to live its purpose of protecting and beautifying the world—while delivering strong, sustained value to shareholders.
