Akzo Nobel CEO Ton Buechner, who only in May fought off a €27 billion takeover of the company, has suddenly resigned with immediate effect for health reasons. The Amsterdam-based group named Thierry Vanlancker its new CEO. Vanlancker recently led the company’s speciality chemicals division.
Vanlacker joined DuPont in 1988 and held a number of senior positions in Europe and the US. He joined Akzo Nobel in 2016. Ton Buechner, who joined Akzo Nobel in 2012, is credited for turning the group into a leaner and more profitable proposition over the course of five years. However, he came under serious pressure when US rival PPG Industries attempted a takeover of the company – first amicably and then almost in hostile fashion.
At the start of June, Buechner finally deflected the takeover attempt by PPG Industries, following a long three-month struggle that involved activist investor Elliott Advisors pushing at least for dialogue over the takeover. As part of the defence against PPG, Buechner promised to divest Akzo Nobel’s speciality chemicals unit, leaving the main business focused on paints and coatings. He also raised the company’s financial targets.
Akzo Nobel said Buechner was “responsible for significantly improving the performance of the company, increasing profitability and cash flow to record levels” during his time as CEO.
