Citi's thesis is based on three points: "(1) AXTA has under-executed other coatings companies as margins in its Mobility coatings are near breakeven, while competitor PPG is at ~13%. We think AXTA has many underperforming legacy contracts. (2) New CEO Chris Villavarayan has been hired to fix the company, and while it's early, he seems rightly focused on getting pricing, while lowering the cost structure. Prior interim CEO Mr. Sachdev had already began focusing on costs.