Akzo Nobel Chief Executive Ton Buechner has stepped down with immediate effect due to health reasons, the company announced on Wednesday morning.
Thierry Vanlancker, previously the head of Specialty Chemicals at Akzo Nobel, will be the new CEO for the Dutch paints company.
Buechner joined the company in 2012 and has been responsible for "significantly improving the performance of the company, increasing profitability and cash flow to record levels," Akzo Nobel said in a statement.
"It is with great regret that Ton is stepping down due to health reasons. He has been an outstanding leader for Akzo Nobel, transforming the company and setting it up for future success. His focus on delivering for our customers and operational excellence has driven profitability to record levels, increasing returns to shareholders," Chairman Antony Burgmans, said in a statement.