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AkzoNobel Appoints New Chairman at AGM

Friday, April 27, 2018

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Global coatings company AkzoNobel (Amsterdam) voted Thursday (April 26) in favor of all resolutions at this year’s Annual General Meeting.

Top of the order, though, was the appointment of Nils Andersen to the Supervisory Board and his subsequent appointment as successor to Chairman Antony Burgmans, who is stepping down after serving three terms.

The Chairman Position

Burgmans announced that he would be stepping down last July. While three terms is the typical limit for Chairman, Burgmans had hinted in the past that he would try to circumvent the limit if necessary.

A.P. Møller – Mærsk A/S, CC-BA-SS 3.0, via Wikimedia Commons

Nils Andersen was appointed to AkzoNobel's Supervisory Board and as successor of Chairman Antony Burgmans, who is stepping down after serving three terms.

The last year of his tenure was embroiled in dramatic back-and-forth merger talks with fellow coatings giant PPG (Pittsburgh). Burgmans played a controversial role in the talks and, at one point, an activist hedge fund that was in favor of the deal pushed to have Burgmans ousted as chair.

Following the official announcement, a monthslong hunt for Burgman’s replacement ended in March, when the board announced the nomination of Andersen, pending his approval at the AGM.

“We are very pleased to nominate Nils Andersen,” said Byron Grote, Deputy Chairman, at the time. “He has a wealth of relevant experience gained during an extensive international career in the consumer goods, energy and shipping industries. Nils will bring this broad business insight to the Supervisory Board as AkzoNobel becomes a focused, high-performing Paints and Coatings company.”

According to AkzoNobel, Andersen is the Non-Executive Director at BP and Unilever, where he serves on both companies’ audit committees. Previously, Andersen had also served as Group Chief Executive of A.P. Møller – Maersk from 2007 until 2016. Earlier in his career, he also acted as President and Chief Executive Officer of Carlsberg and Carlsberg Breweries.

“We thank Antony Burgmans for his commitment over the past 12 years, both as a member and as the Chairman of the Supervisory Board,” said Grote. “His experience and professional expertise have benefited the company. He has played an essential role in the transformation of AkzoNobel into a focused Paints and Coatings company. We wish him well in all of his future activities.”

Other AGM Notes

In addition to Andersen’s appointment, Grote was reappointed as a member of the Supervisory Board and has also been reappointed for a second four-year term as Deputy Chairman.

The Board also adopted the company’s 2017 financial statements and agreed on the current dividend policy and total dividend per share for 2017 (2.50 euros, up 52 percent).


Tagged categories: AkzoNobel; Business matters; Personnel; Personnel changes

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