Terrence Hahn, Chief Executive of Axalta steps down. photo: Bloomberg.

INTERNATIONAL – Axalta Coating Systems said on Monday chief executive Terrence Hahn had resigned after an investigation by external counsel found that his conduct was inconsistent with the company’s policies.

The chemical maker said Hahn’s resignation was by mutual agreement with the board and appointed chief financial Robert Bryant to the additional role of interim chief executive.

It did not give any details regarding the reasons for his departure, but said it was unrelated to financial matters. The company did not immediately respond to Reuters’ request for comments.

Hahn had joined Axalta in September. Before that he was the chief executive of Honeywell’s Home and Building Technologies business group.

Axalta also announced that its preliminary results for the third quarter were in line with the company’s outlook. The company is expected to report quarterly results on October 24.

Shares of the company rose 1.5 percent $28.50 (R423) in early trading.