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Chief Financial Officer Keith Nichols to step down at the end of June

AMSTERDAM, Netherlands, Jan. 15, 2014 (GLOBE NEWSWIRE) -- The Supervisory Board of Akzo Nobel N.V. today announced that Keith Nichols, Chief Financial Officer and member of the Board of Management, has decided to step down at the end of June after eight highly successful years with the company.

Keith will remain Chief Financial Officer and retain his position on the Board until June 30, 2014. An international search for Keith's successor is being undertaken and an appointment will be made in due course.

Chief Executive Officer Ton Büchner: "We thank Keith for his dedication and commitment to AkzoNobel over the past eight years. He has played a major role in the transformation of the company's portfolio, most notably in the exit of our Pharmaceutical business and, since becoming CFO in 2008, has made an outstanding contribution in driving financial discipline and functional excellence across the company. We will miss Keith's valuable and insightful input as well as his hard work and I know that I speak on behalf of all my colleagues in wishing him well for the future."

Keith Nichols commented: "Making a decision like this is never easy but I leave the company well placed to deliver its 2015 financial targets. I would like to thank my colleagues throughout the company and wish them all the very best for the future."

Karel Vuursteen, Chairman of the Supervisory Board, said: "On behalf of all my Supervisory Board colleagues, I would like to thank Keith for the significant contribution he has made to the company and wish him every success in his new endeavours."

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AkzoNobel is a leading global paints 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 consistently ranked as one of the leaders in the area of sustainability. With operations in more than 80 countries, our 50,000 people around the world are committed to delivering leading products and technologies to meet the growing demands of our fast-changing world.

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Safe Harbor Statement
This press release contains statements which address key issues such as AkzoNobel's growth strategy, future financial results, market positions, product development, products in the pipeline and product approvals. Such statements should be carefully considered, and it should be understood that many factors could cause forecasted and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more comprehensive discussion of the risk factors affecting our business please see our latest annual report, a copy of which can be found on our website www.akzonobel.com

AkzoNobel press release http://hugin.info/130660/R/1754740/592311.pdf
Photo Keith Nichols http://hugin.info/130660/R/1754740/592314.jpg

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Source:Akzo Nobel NV