Amsterdam, November 29, 2007 - Akzo Nobel N.V. (Akzo Nobel) has announced a number of proposed changes to its Board of Management and Supervisory Board in advance of January’s expected completion of the acquisition of Imperial Chemical Industries PLC (ICI). A number of key roles for ICI’s executive team, who will support the integration with Akzo Nobel, have also been confirmed.
To ensure the successful and value-creating integration of ICI starts with immediate effect after completion of the acquisition, the Supervisory Board and Board of Management of Akzo Nobel have carefully assessed the most appropriate senior management structure and have announced the following management changes to be proposed at the Annual General Meeting of Shareholders, to be held on April 22, 2008.
changes are designed to establish a skilled leadership team with the expertise and experience to steer the company through the integration period and into a new future.
“We are assembling an expert team fully equipped to harness the potential of the combined organization and launch the company into an exciting new era,” said Akzo Nobel CEO Hans Wijers. “The proposed management changes, combined with the crucial support of ICI’s executive team, will ensure that we have experienced leadership in place to guide the company through a smooth integration process.”
proposed appointments are as follows:
New Supervisory Board Member
Ellwood, currently Chairman of ICI will be proposed to join the Supervisory Board of Akzo Nobel. Commented CEO Hans Wijers: “We are very pleased that Peter, with his indepth knowledge of ICI and his valuable experience in the international business community, has agreed to contribute to a successful integration of ICI’s businesses and to the future of Akzo Nobel.”
to joining the Board of ICI, Peter Ellwood was Group Chief Executive of Lloyds TSB Group plc and Chairman of Visa International.
Changes to the Board of Management
Wijers will continue in his role as the Chairman of the Board of Management, leading the transformation of the company. As the successful integration of the Decorative Coatings businesses of ICI and Akzo Nobel is the crucial element in the transformation, he will personally oversee the integration of these businesses. Wijers will hand over his current responsibility for the Industrial Coatings activities to Leif Darner.
Keith Nichols, presently Senior Vice President for Finance, will be proposed for appointment to the Board of Management to succeed Rob Frohn as the CFO of Akzo Nobel with effect from May 1, 2008. Nichols played a key senior role in structuring, financing and executing the acquisition of ICI and is very well placed to lead the finance team in successfully integrating ICI in a disciplined fashion and help deliver against Akzo Nobel’s future targets.
Nichols joined Akzo Nobel in December 2005 from Corus Group plc where he held the position of Group Treasurer, bringing extensive international finance experience. Prior to joining Corus, he held a number of senior finance positions within the TNT Post Group.
Rob Frohn will take over as the Board of Management member responsible for all Chemicals units as from May 1, 2008, expected to include ICI’s Specialty Polymers and Regional & Industrial businesses. Having worked most of his career in Akzo Nobel’s Chemicals’ businesses, Frohn joined the Board of Management in 2004. Prior to that he managed the Surface Chemistry business unit. This change in responsibilities will allow Rob Frohn to fulfill his ambition of returning to a business leadership role after spending the last four transformational years as the CFO for Akzo Nobel.
Leif Darner, currently the Board of Management member responsible for the Chemicals and the Decorative Coatings business, will take over as the Board member responsible for all Industrial Coatings businesses as from January 1, 2008. It is envisaged that this will include the current ICI Packaging Coatings business. Darner will also take responsibility for Technology and Sourcing. Until Rob Frohn takes up his new role, Leif Darner will continue to be the Board member who heads the Chemicals’ activities until April 30, 2008.
joined Akzo Nobel’s Board of Management in 2004. Before that he was the business unit manager for Marine & Protective Coatings. Coming originally from Courtaulds, the British company acquired by Akzo Nobel in 1998, Leif Darner’s knowledge and experience will be invaluable in further developing Akzo Nobel’s worldwide number one position in the area of Industrial Coatings.
Key roles for ICI’s Executive Management Team in Integration Process
Akzo Nobel is also pleased to announce that the entire Executive Management Team of ICI has agreed to play key roles in the transition and integration of the ICI businesses into Akzo Nobel (following the completion of the ICI acquisition expected to take place on January 2, 2008).
John McAdam (CEO of ICI) will take lead responsibility for National Starch and ICI’s corporate center during the restructuring in preparation for the transfer to Henkel and the integration process. He will do so for approximately six months following the completion of the acquisition.
Alan Brown (currently Chief Financial Officer), Andy Ransom (currently General Counsel, Executive Vice President Mergers and Acquisitions and Company Secretary) and Rolf Deusinger (currently Executive Vice President of Human Resources) will support John McAdam in these tasks, and at the same time support the senior Akzo Nobel leadership team in the successful transition of businesses and functions to Akzo Nobel.
David Hamill (Chairman and CEO of ICI Paints) will take the responsibility for managing the Decorative Coatings businesses of Akzo Nobel and ICI and play a key role in the integration. He will do this for a period of 12 months after closing. Hamill is excited about the future of the new combined company, but is unable for personal reasons to commit to a longer term engagement with Akzo Nobel.
Hans Wijers: “We highly appreciate his support over the coming period, particularly in light of his personal ambition to spend more time closer to his family in the UK.” McAdam and Hamill will report to Hans Wijers.
Rinus Rooseboom, Manager of Akzo Nobel’s Decorative Coatings business unit since January 1, 2007, will together with David Hamill, support Hans Wijers in the integration of the Decorative Coatings businesses of Akzo Nobel and ICI. He will do so until he retires on April 1, 2008. Rooseboom will report to Hans Wijers.
details about the organization and the leadership within Akzo Nobel’s Decorative Coatings businesses will be provided by the end of the year.
Wijers: “I am looking forward to working closely with John McAdam and David Hamill during the integration of ICI. This is a great opportunity to develop the wealth of talent within the combined organization while empowering the next generation of leaders to further build on our positions as being both the global number one in Decorative Coatings, and one of the world’s leading industrial companies.”