Akzo Nobel NV
amsterdam : AKZA

March 01, 2012 01:07 ET

AkzoNobel announces Board changes

AMSTERDAM, NETHERLANDS--(Marketwire - Mar 1, 2012) - AkzoNobel today announced a number of personnel changes in its governance structure. Two new Supervisory Board members will be nominated for election by shareholders at the 2012 Annual General Meeting of shareholders, while Rob Frohn, Board of Management member responsible for Specialty Chemicals, will leave the company. All changes will become effective on May 1, 2012.

Supervisory Board

The proposed two new Supervisory Board members are Sari Baldauf, currently non- executive Chairman of the Board of Fortum Oyj and director at several other companies, and Ben Verwaayen, currently CEO of Alcatel-Lucent. Sari Baldauf has senior executive experience of building and running global businesses at Nokia Corporation. She holds a number of prestigious non-executive positions, including at Daimler AG, alongside her role at Fortum Oyi. Likewise, Ben Verwaayen has many years' experience operating at the highest level of successful international businesses, including as CEO of BT Group and as Managing Director of KPN in the Netherlands.

In addition, Baroness Bottomley will step down from her position on the Supervisory Board after having served the company as a Supervisory Board member for 12 years. The departure will become effective on May 1, 2012.

Commenting on the changes, Supervisory Board Chairman Karel Vuursteen said: "I would like to thank Virginia for her long service to our company and for her many contributions. Her expertise in government, policy, business and economics has been crucial in the strategic development of the company over recent years. She has also offered invaluable advice as part of her role on the remuneration and nomination committees. Looking forward, I am delighted that we have been able to propose two such high-caliber people for the Supervisory Board. Together with my colleagues, I'm looking forward to benefiting from their experience and contributions."

Board of Management

The Supervisory Board and Rob Frohn, Board of Management member responsible for Specialty Chemicals, have mutually agreed that Rob will step down from the Board of Management with effect from May 1, 2012.

Rob Frohn has had an extensive and successful career at AkzoNobel since joining the company in 1984. During his long tenure, he has held numerous positions around the world including roles within the finance and control function, and general management positions with Surface Chemistry, where he was appointed General Manager in 2000. In 2004, Rob Frohn joined the Board of Management as CFO, before assuming responsibility for the Specialty Chemicals business area in May 2008.

Commenting on Rob Frohn's decision, CEO Hans Wijers said: "Naturally, I'm sad to see Rob leave the company. He has made an outstanding contribution to all parts of the business during a 28-year tenure at the company. We wish him all the best for his future career."

Werner Fuhrmann, Executive Committee member responsible for Supply Chain and Sourcing, will manage Specialty Chemicals until Rob's successor is identified.

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AkzoNobel is the largest global paint and coatings company and a major producer of specialty chemicals. We supply industries and consumers worldwide with innovative products and are passionate about developing sustainable answers for our customers. Our portfolio includes well known brands such as Dulux, Sikkens, International and Eka. Headquartered in Amsterdam, the Netherlands, we are a Global Fortune 500 company and are consistently ranked as one of the leaders in the area of sustainability. With operations in more than 80 countries, our 55,000 people around the world are committed to excellence and delivering Tomorrow's Answers Today™.

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