| Connect Follow us on Twitter Like us on Facebook
About | Subscribe | Advertise


Download our free ebook on Advances in Corrosion Control Coating Technology

Paint and Coatings Industry News

Main News Page

AkzoNobel CEO Extends Sick Leave

Wednesday, October 17, 2012

More items for Coating Materials

Comment | More

On the eve of his scheduled return to work, AkzoNobel CEO Ton Büchner has extended his medical leave for several more months, the company has announced.

In a statement Wednesday (Oct. 17), the company also suggested that Büchner’s condition was considerably more serious than the “temporary fatigue” from having “taken on too much work” announced earlier.

‘Recovery’ Expected

“AkzoNobel's Supervisory Board this week received an update on the progress of CEO Ton Büchner's recovery,” the statement said. “Following a Supervisory Board meeting today, the company reported that medical specialists expect the CEO to fully recover and that it is anticipated that he will return to work sometime around year-end.”

 AkzoNobel CEO Ton Büchner (left) is undergoing treatment for an undisclosed illness. CFO Keith Nichols (right) has temporarily assumed Büchner’s duties.


AkzoNobel CEO Ton Büchner (left) is undergoing treatment for an undisclosed illness. CFO Keith Nichols (right) has temporarily assumed Büchner’s duties.

Büchner, 47, a Dutch national, took over the world’s largest paint and coatings company in April, succeeding long-time CEO Hans Wijers. His appointment had been announced a year earlier.

Büchner is also chairman of the Board of Management and the Executive Committee. A civil engineer by training, he came to AkzoNobel from Sulzer Corp., where he had been CEO and president since 2007.

‘Too Much Work’

On Sept. 18, AkzoNobel announced that Büchner had stepped aside due to “fatigue,” but would return to work “in the first half of October.”

A company spokesman told the Wall Street Journal that Büchner had “taken on too much work.”

An investor meeting scheduled for Oct. 22 was postponed indefinitely.

The company’s third-quarter results are due to be published Thursday (Oct. 18). Antony Burgmans, member of the Supervisory Board, will field the post-earnings-release conference call, AkzoNobel said.

‘Treatment’ Cited

On Wednesday, Karel Vuursteen, chairman of the Supervisory Board, said that Büchner was being treated for an undisclosed illness.

“We are pleased to report that the current treatment is effective and progress is being made,” said Vuursteen. “However, it is important that the full cycle of treatment is completed and a premature commencement of activities is avoided.”

Vuursteen added: “We are glad that Ton is progressing, and we look forward to welcoming him back to the company later this year. In the meantime, we have appropriate governance in place.”

The company said that its “temporary arrangements to accommodate Ton's absence” would remain.

Chief Financial Officer Keith Nichols “will continue to be the first point of contact and coordinator for the Executive Committee,” while Burgmans “will remain on hand to offer advice and support to Keith and the Executive Committee.”
Market Concerns

Although the company called Wednesday’s update “Good news!” on its Facebook page, Büchner’s absence has not been good for the already-struggling coatings and specialty chemicals maker, the Associated Press reported.

“Shares in AkzoNobel have sold off sharply the past month as investors worried that Büchner's problems reflected trouble in the business, or that the company was suffering from a lack of strategic direction during his absence,” the AP said.

The parent company of International Paint, Devoe, Dulux, Glidden, and dozens of other brands of paints, coatings and chemicals has not been performing well for a year, although the second quarter was slightly better than expected, squeezing out single-digit revenue increases largely through price hikes.

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


Tagged categories: AkzoNobel; Business management; Decorative painting; Managers; Personnel

Comment Join the Conversation:

Sign in to our community to add your comments.

International Paint LLC

International Paint Engineered Coatings

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

    Wasser High-Tech Coatings Inc.
    Wasser Coatings Protect

    Wasser Coatings offer a complete range of Moisture Cure Urethane (NEPCOAT approved) systems in addition to Polyurea membranes and linings(NSF).

    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.

    Heat-FLex® Hi-Temp 1200

    Improved Corrosion
    Enhanced Durability
    Faster Shop Throughput

    New resins from BASF will have metals loving water:

    Excellent corrosion resistance, low VOC, high gloss, thin films

    Polyval Coatings
    Polyflex® Polyurea Linings

    Polyflex ™ new Polyurea Geotextile Membrane System has been specifically engineered to protect the environment in containment applications.

    Carboline Company
    Hyrdrocarbon Fire & Jet Fire Protection

    Pyroclad X1 is the latest breakthrough in epoxy based intumescent fireproofing technology

    Midsun Specialty Products
    Stopaq 30+ Year Coatings

    Use Stopaq corrosion prevention coatings on pipelines, field joints, tank chimes, structural steel and more. Learn more at

    GMA Garnet USA
    GMA Garnet™
    Natural Abrasives

    - Superior cleaning
    - Even Profile
    - Low Dust
    - Cost-Effective
    - Environmentally friendly
    - Recyclable up to 5 times
    Tel : +1 832 243 9300

    Technology Publishing

    The Technology Publishing Network

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

    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   |   Privacy policy   |   Terms & conditions   |   Site Map   |   Search   |   Contact Us

    © Copyright 2000-2015, 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