Less than two weeks after announcing new initiatives as part of a cooperation agreement with fund manager Elliott Management, coatings and sealants holding company RPM Inc. (Medina, Ohio) said July 6 that it has streamlined its senior leadership structure, and that the company's chief operating officer has chosen to retire.

Effective immediately, all company presidents will report to Chairman and CEO Frank Sullivan, the company says, in a move that's part of a series of changes aimed at increasing shareholder value. President and COO Ronald A. Rice, a veteran of the company, has taken an early retirement in the wake of the changes.

RPM Inc.

RPM’s Industrial segment includes Carboline, Stonahrd, Tremco and illbruck; other brands include Rust-Oleum, Dryvit and Day-Glo.

RPM announced on June 28 that its agreement with Elliott Management would bring about changes, including two new directors, the establishment of an Operating Improvement Committee on its board and the engagement of a consultant on operational improvements.

As RPM takes steps to improve its efficiency, Elliott has agreed to a customry standstill, meaning the fund will not purchase any more shares of RPM at this time.

Elliott and AkzoNobel

Elliott is the so-called activist fund run by American billionaire Paul Singer; affiliate Elliott Advisers last year became a stakeholder in Dutch coatings supplier AkzoNobel and pressured the company to engage in merger talks with Pittsburgh-based PPG, talks that AkzoNobel resisted. After Elliott pushed for the ouster of AkzoNobel chair Antony Burgmans, the two firms eventually reached a standstill agreement, putting a stop to litigation between them.

About RPM

RPM Inc. owns paint, coatings and sealants companies throughout the industrial, architectural and consumer markets. RPM’s Industrial segment includes Carboline, Stonhard, Tremco and illbruck; other brands include Rust-Oleum, Dryvit and Day-Glo.