Andrew Larke, Independent Director
- Profile
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Andrew Larke was elected as an Independent Director of Nippon Paint Holdings Co., Ltd. (NPHD) in March 2025.
He has been involved in mergers, acquisitions, and divestments, as well as corporate advisory for approximately 30 years, including head of acquisitions for Orica, the largest producer of mining explosives in the world. He has also held the position of Non-Executive Director of DuluxGroup (then a listed company on the Australian Stock Exchange, now a subsidiary of NPHD) since 2010. Additionally, he also serves as Chairman of a leading Oceania-based chemicals company, and as Independent Chairman of long short fund on the Australian Stock Exchange.
His advice based on his deep industry experience and knowledge of chemicals and coatings, as well as his extensive experience in capital markets including M&A, has effectively strengthened the decision making and the monitoring functions of the Board of Directors.
Please tell us about your strengths and skills.
My main strengths lie in fields of mergers & acquisitions, value creation, capital markets and corporate governance. These strengths have been developed over 20 years of professional experience, during which I have been deeply involved in M&A, divestments, and corporate advisory work. Additionally, since 2010, as a member of the board of DuluxGroup Limited (DuluxGroup), which was listed on the Australian Stock Exchange at the time, I have continuously broadened and deepened my insight into the global chemicals and coatings industry. Notably, in DuluxGroup, the acquisition of Alesco Corporation, a listed building products manufacturer, for AUD 210 million, and the subsequent doubling of Alesco’s earnings under DuluxGroup’s ownership, were important drivers of its growth. Through these strategic initiatives, DuluxGroup generated total shareholder returns of more than 300% during the 9 years from my appointment to the board until Nippon Paint Holdings acquired the company.
My skill set is fully aligned to Nippon Paint’s MSV goals, particularly in the global paints, coatings and chemicals sectors, where I have more than 20 years of experience in leading and overseeing significant earnings growth for shareholders, through a mix of organic growth, M&A growth and capital management initiatives.
I also bring financial discipline and legal skills to the boardroom and am a member of the Audit Committee. Through numerous board roles in both executive and non-executive capacities, including experience with not only leading chemical manufacturing companies but also investment funds, I have combined deep management expertise with strong boardroom experience. This background enables me to ensure robust governance and provide sound oversight, supporting effective strategic decision-making at the Board level.
What are the strengths and appeal as well as the challenges faced by NPHD, which is dedicated to MSV as its sole mission?
Nippon Paint has an incredibly strong portfolio of brands in growing markets. These brands have market leadership positions in the markets in which it operates. The scale of Nippon Paint has enabled it to significantly reinvest in those brands, including through new factories, new product development and marketing programs. Having held the role of Director at DuluxGroup for many years, I have been able to observe and understand how Nippon Paint’s brand portfolio, market positioning, and investment strategies have established a clear competitive advantage in the global paints and coatings industry.
With MSV as our sole mission, Nippon Paint will continue to seek organic and inorganic growth in paints and coatings at reasonable prices. I believe that this approach is especially important, as my experience demonstrates. Specifically, as Head of Mergers and Acquisitions at Orica, where I led and successfully executed the AUD 2.2 billion acquisition of Dyno Nobel ASA, then the company's largest competitor.
However, we are also seeking to grow into attractive adjacent market segments, such as Chemicals. Such acquisitions can bring added complexity and risk, which need to be carefully assessed and managed. It is imperative that we acquire strong businesses with market leadership positions in industry segments that exhibit structural growth. In these endeavors it is very important that we secure the ongoing involvement of the management teams of the acquired businesses for the next leg of growth under Nippon Paint ownership. The recent AOC acquisition is a very good example of such growth.
Through my extensive M&A and operating experience within the paints and chemicals sectors, I am uniquely placed to add value to M&A target selection and risk assessment and industry outlook.