LYNGBY, DENMARK—In an unusually public statement, Hempel A/S has announced both the impending retirement of its chief executive officer and the search for his successor.
Pierre-Yves Jullien, CEO of the Denmark-based paint and coatings company since 2005, will retire after nearly 40 years in The Hempel Group "in order to spend more time with his family and on other activities," chairman Richard Sand announced Tuesday (April 14).
The announcement says Jullien will step down on March 31, 2016, "at the latest."
Typically, paint and coatings companies do not announce senior leadership changes until they have been completed.
The board "is confident that the success of the Group will attract the optimal candidate for the position as new CEO, and will work to ensure a professional and smooth transition," the company said.
"It will build on the achievements over the last 10 years, and maintain in full compliance with the key values inherited from the Group’s founder, J.C. Hempel."
Meanwhile, Jullien will join the board of the Hempel Foundation, the sole owner of Hempel A/S, "where his thorough understanding of the Group, accumulated through many years at Hempel, will be a great asset for the future."
The foundation is primarily a commercial enterprise that seeks to provide a solic economic base for the company. It also has a secondary social and charitable purpose. In 2014, the foundation's donations totaled about
