Shares in AkzoNobel fall 4.4 percent to an 11-week low as the Dutch paints maker's Chief Executive Ton Buechner is still on medical leave, dashing analysts' hopes for a quick turnaround at the company.
"Even if Ton Buechner would return, a strategy change will not be announced in the short term as the budgets for 2013 are finished and big changes would need to be communicated with the capital markets before they are implemented," ING analyst Fabian Smeets writes in a research note.
There is a high chance Buechner will not return as CEO, and AkzoNobel's stock may fall further until leadership returns, adds Smeets.
AkzoNobel last announced that Buechner, who took over as CEO in April, had taken medical leave.
Reuters messaging rm://gilbert.kreijger.thomsonreuters.com@reuters.net
Keywords: MARKETS EUROPE STOCKSNEWS