Akzo Nobel shuffles management ahead of ICI deal
29 November 2007 10:31 [Source: ICIS news]
LONDON (ICIS news)--Akzo Nobel announced a number of proposed changes to its management and supervisory boards on Thursday in preparation for completing the purchase of UK coatings and starch company ICI.
It has confirmed a number of positions for ICI’s executive team, the Dutch company added in a statement.
ICI’s current chairman Peter Ellwood is to join Akzo Nobel’s supervisory board, while board chairman Hans Wijers will continue in his present role.
“As the successful integration of the decorative coatings businesses of ICI and Akzo Nobel is the crucial element in the transformation he [Wijers] will personally oversee the integration of these businesses,” the statement added.
Board member Leif Darner, currently responsible for chemicals and decorative coatings, will take over Wijers’ responsibility for industrial coating activities.
Keith Nichols, senior finance vice president, will be appointed to the management board to succeed Rob Frohn as CFO on May 1, when Frohn will take on the responsibility for the chemical units, Akzo Nobel said.
ICI’s entire management team have agreed to key roles in the transition and integration of the two companies.
“John McAdam [CEO of ICI] will take lead responsibility for National Starch and ICI’s corporate centre during the restructuring in preparation for the transfer to Henkel and the integration process,” it said.
The management changes will be proposed at the Annual General Meeting of Shareholders to be held on April 22 next year.
Akzo Nobel expects to close the deal on January 2.
By: Lucy Craymer
+44 20 8652 3214
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