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PPG Appoints New VP, Controller

Wednesday, August 29, 2018

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Pittsburgh-based coatings firm PPG recently announced the appointment of a new vice president and corporate controller following an investigation into the company’s financial reports earlier this year.

Appointment

PPG announced that William E. Schaupp, who had been the assistant controller and acting controller, was appointed vice president and corporate controller, effective July 19. In that position, Schaupp is responsible for PPG’s corporate controllership function, including corporate financial accounting and reporting, along with accounting policy and control.

PPG

PPG announced that William E. Schaupp, who had been the assistant controller and acting controller, was appointed vice president and corporate controller, effective July 19.

Schaupp will report directly to Vince Morales, PPG senior vice president and chief financial officer.

Schaupp joined PPG in 2008 as a financial reporting manager. He was promoted to director, financial reporting in 2011; to assistant controller, financial accounting/reporting in 2013; and to director, finance, fiber glass in 2015. Schaupp was appointed director, financial analysis, in 2016; and director, corporate audit services in 2017. Schaupp has served in his most recent role since April 2018.

Schaupp is a certified public accountant and earned a Bachelor of Science degree in finance from Robert Morris University.

Investigation

The position of vice president and controller became vacant after an internal complaint alleged that the previous controller (who has not named by the company but has been identified elsewhere as Mark C. Kelly) directed employees to incorrectly classify certain expenses without the knowledge of other senior company officials.

As a result of the complaint, PPG launched an internal investigation into its accounting department, which the company disclosed when it filed its first-quarter report in April, noting that the filing would likely be amended.

On June 28, the investigation concluded with new financial reports for the fourth quarter of 2016, all of 2017 and the first quarter of 2018. Kelly was also fired.

The company said as a result of the investigation, which was conducted by auditor PricewaterhouseCoopers, that it has started to make changes to ensure similar issues won’t come up in the future.

“We have already begun to implement a remedial plan to address the issues identified by the internal report and the investigation, as more fully described in our filings today,” chairman and CEO Michael McGarry said in a statement.

“We are committed to take actions that are consistent with our ethics and values and fully meet the expectations of both internal and external stakeholders. Unwavering adherence to our core standards of financial integrity and honesty remains a top priority and focus for all PPG employees.”

   

Tagged categories: Business management; Business matters; Finance; Personnel; PPG

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