PaintSquare.com


The First Word in Protective & Marine Coatings

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

Get Paint BidTracker's Water Facility Painting Opportunities of 2015

Paint and Coatings Industry News

Main News Page


New AkzoNobel CEO Sidelined by Fatigue

Tuesday, September 18, 2012

More items for Coating Materials

Comment | More

Less than five months into his new position at the helm of the world’s largest paint and coatings company, AkzoNobel’s CEO has taken a medical leave of absence, citing fatigue.

 AkzoNobel

 AkzoNobel

Ton Büchner (left) took over in April from longtime CEO Hans Wijers.

Ton Büchner, 47, will take off several weeks after being diagnosed with "temporary fatigue," the Dutch chemical and paint maker announced in a brief statement Tuesday (Sept. 18).

Chief Financial Officer Keith Nichols will take on additional responsibilities in Büchner’s absence. Antony Burgmans, a member of the Supervisory Board, will be “on hand to offer advice and support to Keith and the Executive Committee,” the company said.

Investor Meeting Postponed

A spokesman for AkzoNobel told the Wall Street Journal that Büchner had "taken on too much work."

The company said Büchner would return to work “in the first half of October,” but an investor meeting scheduled for Oct. 22 has been postponed indefinitely. Meanwhile, AkzoNobel’s Q3 results are due to be published Oct. 18.

The company has been struggling for a year, although the second quarter was slightly better than expected, squeezing out single-digit revenue increases largely through price hikes.

 AkzoNobel
CFO Keith Nichols will temporarily assume Büchner’s duties.

Büchner’s appointment was announced nearly a year before he took over in April from longtime CEO Hans Wijers.  Büchner had headed Swiss machinery maker Sulzer AG for five years.

Market Concerns

AkzoNobel’s stock took its biggest tumble in a year after Büchner’s leave was announced, according to Bloomberg.

Shares fell 5.5% to close at €46.16 ($60.55) a share in Amsterdam, declining from a 52-week high in the previous session, the Wall Street Journal reported.

“I was sad to learn about Ton’s condition, and we all look forward to seeing him back in the office shortly,” said Karel Vuursteen, Chairman of the Supervisory Board. “However, in the meantime, we have a highly experienced Executive Committee and, together with Keith, they will provide strong leadership until Ton is back.”

   

Tagged categories: AkzoNobel; Business matters; Coatings manufacturers; Decorative coatings; High-performance coatings; Personnel; Specialty functions

Comment Join the Conversation:

Sign in to our community to add your comments.

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


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


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
Heat-FLex® Hi-Temp 1200

Improved Corrosion
Resistance
Enhanced Durability
Faster Shop Throughput


Hempel (USA) Inc.
HEMPEL PROTECTIVE COATINGS

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


International Paint LLC

International Paint Engineered Coatings

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


    Polyval Coatings
    Polyflex® Polyurea Linings

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

  •  
     
     
    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