PaintSquare.com


The First Word in Protective & Marine Coatings

A Product of Technology Publishing / PaintSquare
JPCL | PaintSquare News | Durability + Design | Paint BidTracker

Paint and Coatings Industry News

Main News Page


AkzoNobel’s No. 2 to Step Down

Thursday, January 16, 2014

More items for Coating Materials

Comment | More

Keith Nichols, 53, the chief financial officer who led AkzoNobel during a turbulent period in 2012 and oversaw its largest acquisition, will leave his position June 30 “after eight highly successful years,” the company announced Wednesday (Jan. 15).

No reason was given for Nichols' departure, although some reports noted that AkzoNobel is based in Amsterdam and Nichols' family is in the U.K. The company said it would mount an international search for his successor.

Ton Buchner and Keith Nichols

Nichols (right) led AkzoNobel for three months in late 2012 when new CEO Ton Büchner went on medical leave shortly after joining the company.

"We thank Keith for his dedication and commitment to AkzoNobel over the past eight years," said CEO Ton Büchner. "He has played a major role in the transformation of the company's portfolio..."

Eventful Tenure

Nichols joined AkzoNobel, then the world's largest paint and coatings company, in 2005. He became CFO in 2008.

His tenure has included AkzoNobel's $17 billion acquisition of Imperial Chemical Industries (the company's largest acquisition ever), its exit from the pharmaceuticals business, its billion-dollar sale of its North American decorative coatings business to PPG Industries, and major changes.

Nichols has also been a key figure in the beleaguered company's multi-year restructuring effort.

In late 2012, he led the firm when Büchner abruptly left for what was billed as a short rest but stretched into a medical leave of three months. Büchner had just joined the company four months earlier.

'Hell of a Journey'

"It's been a hell of a journey," Nichols told Bloomberg. "The company is very different to when I entered in 2005."

ICI
Photos: AkzoNobel

Keith Nichols oversaw the integration of AkzoNobel's largest acquisition: the $17 billion purchase of ICI, which was announced in August 2007 and completed Jan. 2, 2008.

Bloomberg noted that Büchner had "assembled a new top-management team" since succeeding long-time CEO Hans Wijers in April 2012.

Büchner said Nichols "has made an outstanding contribution in driving financial discipline and functional excellence across the company."

Before joining Akzo Nobel, Nichols was Group Treasurer at the Corus Group plc. Prior to that, he had held a number of senior finance positions within the TNT Post Group.

"We will miss Keith's valuable and insightful input as well as his hard work and I know that I speak on behalf of all my colleagues in wishing him well for the future," said Büchner.

Added Nichols: "Making a decision like this is never easy, but I leave the company well placed to deliver its 2015 financial targets. I would like to thank my colleagues throughout the company and wish them all the very best for the future."

   

Tagged categories: AkzoNobel; Business management; ICI Paints; Personnel; PPG

Comment Join the Conversation:

Sign in to our community to add your comments.

Polyval Coatings
Polyflex® Polyurea Linings

exhibit outstanding versatility in use; providing abrasion resistance, superior seamless waterproofing and high-chem corrosion protection. www.polyflexlinings.com


International Paint LLC

International Paint Engineered Coatings

Learn about our solutions for:
  • Structural Steel
  • Piping & Equipment
  • Storage Tanks
  • Pressure Vessels
  • Secondary Containment


    Mitsubishi Gas Chemical America
    Performance Amine 1,3-BAC

    A highly reactive cycloaliphatic diamine offering superior performance. Reasonable cost and curing efficacy makes it suitable for all types of epoxy resin applications.


    Sherwin-Williams
    Nova-Plate® 325

    • Extends Service Life
    • Single Coat Application
    • Cure to Service in 24 Hours


    BASF
    New resins from BASF will have metals loving water:

    Excellent corrosion resistance, low VOC, high gloss, thin films basf.us/industrialcoatings
    polyorders@basf.com
    800-231-7868


    Wasser High-Tech Coatings Inc.
    Wasser Coatings Protect

    some of the most important bridges in the country; learn about our NEPCOAT-approved system and our entire range of MCU & Polyurea coatings. 1-800-627-2968 www.wassercoatings.com


    Hempel (USA) Inc.
    HEMPEL PROTECTIVE COATINGS

    Efficient systems and high quality products to reduce your maintenance costs. Visit Hempel Protective for more information.

  •  
     
     
    Technology Publishing

    The Technology Publishing Network

    The Journal of Protective Coatings & Linings (JPCL) PaintSquare
    Durability + Design Paint BidTracker JPCL Europe

     
    EXPLORE:      JPCL   |   PaintSquare News   |   Interact   |   Buying Guides   |   Webinars   |   Resources   |   Classifieds
    REGISTER AND SUBSCRIBE:      Free PaintSquare Registration   |   Subscribe to JPCL   |   Subscribe to PaintSquare News
    MORE:      About PaintSquare.com   |   Privacy policy   |   Terms & conditions   |   Site Map   |   Search   |   Contact Us
     

    © Copyright 2000-2014, Technology Publishing / PaintSquare, All rights reserved
    2100 Wharton Street, Suite 310, Pittsburgh PA 15203-1951; Tel 1-412-431-8300; Fax 1-412-431-5428; E-mail webmaster@paintsquare.com