Carrico Steps Down From Axiall

Paul D. Carrico, 64, has stepped down as the CEO of polyvinyl chloride and building products maker Axiall. A statement from Mark Noetzel, Axiall’s chairman, commended Carrico for his 16 years of service. Carrico oversaw the formation of Axiall in 2013 through the merger of Georgia Gulf with PPG Industries’ chlorine operations. However, in recent quarters, the company has struggled with slumping chlor-alkali and aromatics markets. Timothy Mann Jr., an Axiall executive, has been named interim CEO as the company looks for a permanent replacement. Axiall intends to sell its aromatic chemicals business and is looking to cut $100 million in costs. Charles Neivert, a stock analyst with Cowen & Co., says the company will likely reevaluate its building products business, which is integrated with its PVC operations.