PPG Industries management check
PPG · Materials · Specialty Chemicals · CEO Mr. Knavish
Filings as of
4 good · 1 to watch · 1 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $78, against $129 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.80 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.9% of net income$14.9m of reported pay in fiscal 2025, against $1.6bn of net income.
- n/a
Do they own the stock?
No recent CEO filingLight activity: $3k bought, no sales in six months.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -2.2% a year over the last three fiscal years. Stock-based pay was 0.3% of revenue in the latest year.
- Watch
Is leadership stable?
10 leadership filings in 3 yearsCEO in the pay table: Mr. Knavish. 10 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2023.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Materials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 1 | 40 | |
| Pay for performance | 90 | 77 | |
| CEO cost | 52 | 40 | |
| Skin in the game | — | — | 38 |
| Dilution | 77 | 71 | |
| Stable leadership | 75 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Specialty Chemicals, by management score. PPG Industries is 12th of 24 in its sector.
Pay versus performance
From the proxy statement filed March 5, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Knavish | $14.9m | $6.6m | $3.4m | $78 | $129 | $1.6bn |
| 2024 | — | $11.7m | $3.7m | $2.8m | $98 | $138 | $1.3bn |
| 2023 | — | $12.5m | $15.2m | $4.9m | $120 | $122 | $1.2bn |
| 2022 | — | $8.9m | $239k | $2.3m | $99 | $102 | $1.0bn |
| 2021 | — | $13.2m | $22.6m | $3.0m | $133 | $135 | $1.4bn |
The board says pay is tied most to adjusted earnings per diluted share. Its other key measures: Adjusted earnings per diluted share, Cash flow return on capital, Total shareholder return.
Insiders and the CEO's stake
Light activity: $3k bought, no sales in six months.
- BoughtJuliane M. HefelSr. VP, Ind Coatings & Sp Prod$3kSep 11, 2026
Leadership and governance on file
- Apr 28, 2026Leadership change8-K 5.02
- Apr 21, 2026Leadership change8-K 5.02
- Dec 11, 2025Leadership change8-K 5.02
- Dec 1, 2025Leadership change8-K 5.02
- Aug 11, 2025Leadership change8-K 5.02
- Apr 21, 2025Leadership change8-K 5.02
- Oct 24, 2024Leadership change8-K 5.02
- Sep 26, 2024Leadership change8-K 5.02
- Apr 22, 2024Leadership change8-K 5.02
- Jan 19, 2024Leadership change8-K 5.02
- Sep 26, 2023Leadership change8-K 5.02
- Jul 24, 2023Leadership change8-K 5.02
Latest shareholder vote results: Apr 21, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $5.0bn returned to owners in buybacks and dividends, 78% of net income, and $235.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $16.8bn | $15.6bn | $16.2bn | $15.8bn | $15.9bn |
| Net income | $1.4bn | $1.0bn | $1.3bn | $1.1bn | $1.6bn |
| Stock-based pay | $57.0m | $34.0m | $56.0m | $42.0m | $46.0m |
| Buybacks | $210.0m | $190.0m | $86.0m | $752.0m | $790.0m |
| Dividends | $536.0m | $570.0m | $598.0m | $622.0m | $628.0m |
| Diluted shares | 239m | 237m | 237m | 235m | 227m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.