Dutch paintmaker Akzo's chief quits for health reasons

London

AKZO Nobel NV chief executive officer Ton Buechner stepped down because of ill health, leaving the Dutch paintmaker just as it needs to prove that breaking up the company will be better for shareholders than the unsolicited takeover bid that the CEO rebuffed this year.

Thierry Vanlancker, who joined Akzo Nobel in 2016 as head of speciality chemicals, will succeed Mr Buechner, the Amsterdam-based company said on Wednesday. Akzo Nobel didn't disclose the nature of Mr Buechner's illness, and said that his departure is unrelated to the company's strategy. "For me this was an extraordinarily difficult decision to make but my focus must now be on my health," Mr Buechner said.