THE NETHERLANDS – The supervisory board of AkzoNobel N.V. has announced changes to its membership, which will be proposed for adoption at the company’s annual general meeting (AGM) of shareholders on April 29.
Current Chairman Karel Vuursteen will retire from the board, having completed three terms of office since joining the board in 2002. He became chairman in 2009.
Antony Burgmans will be put forward for re-appointment after reaching the end of his second term at this year’s AGM. Following such re-appointment, the supervisory board intends to elect Burgmans as chairman to succeed Vuursteen.
Louis Hughes also will reach the end of his second term this year and will be nominated for re-appointment. Sir Peter Ellwood will step down at the AGM after six years on the board.
Vuursteen commented: "On behalf of my colleagues I would like to thank Sir Peter for the valuable contribution he has made to the good governance and smooth running of the company over the last six years."
In his place, the Board is putting forward Byron Grote for appointment. Grote brings with him extensive experience of complex multinational environments as well as deep financial expertise, having been a member of the board of BP plc from 2000 to 2013, during which time he headed the petrochemicals business before becoming CFO. Grote currently holds the role of non-executive director at Unilever, chairing the audit committee, and also is a non-executive director at Anglo-American plc.
Following the proposed changes, the supervisory board will have eight members instead of the current nine.
