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A number of key roles for ICI's executive team, who will support the integration with Akzo Nobel, have also been confirmed. To ensure the successful and value-creating integration of ICI starts with immediate effect after completion of the acquisition, the supervisory board and board of management of Akzo Nobel said they have carefully assessed the most appropriate senior management structure.

The management changes will be proposed at the annual general meeting of shareholders, to be held on 22 April 2008.

Akzo said that the changes are designed to establish a skilled leadership team with the expertise and experience to steer the company through the integration period and into a new future.

Akzo Nobel CEO Hans Wijers said that the proposed management changes, combined with the crucial support of ICI's executive team, will ensure that the company has experienced leadership in place to guide it through a smooth integration process."

Transformation 

Peter Ellwood, currently chairman of ICI will be proposed to join the supervisory board of Akzo Nobel. Prior to joining the board of ICI, Ellwood was group chief executive of Lloyds TSB Group plc and chairman of Visa International.

Wijers will continue in his role as the chairman of the board of management, leading the transformation of the company. As the successful integration of the decorative coatings businesses of ICI and Akzo Nobel is the crucial element in the transformation, he will personally oversee the integration of these businesses.

He will hand over his current responsibility for the industrial coatings activities to Leif Darner.

Keith Nichols, presently senior vice president for finance, will be proposed for appointment to the board to succeed Rob Frohn as the CFO of Akzo Nobel with effect from 1 May 2008.

Akzo Nobel said that Nichols played a key senior role in structuring, financing and executing the acquisition of ICI and is very well placed to lead the finance team in successfully integrating ICI in a disciplined fashion and help deliver against Akzo Nobel's future targets.

Nichols joined Akzo Nobel in December 2005 from Anglo-Dutch steel manufacturers Corus Group plc where he held the position of group treasurer. Prior to joining Corus, he held a number of senior finance positions within the TNT Post Group.

Business leadership role 

Frohn will take over as the board of management member responsible for all chemicals units, expected to include ICI's specialty polymers and regional and industrial businesses.

Having worked most of his career in Akzo Nobel's chemicals' businesses, Frohn joined the group’s board in 2004. Prior to that, he managed the surface chemistry business unit.

Akzo said that this change in responsibilities will allow Frohn to fulfil his ambition of returning to a business leadership role after spending the last four transformational years as the CFO for Akzo Nobel.

Darner, currently responsible for the chemicals and the decorative coatings business, will take over as the board member responsible for all industrial coatings businesses as from 1 January 2008. It is expected that this will include the current ICI packaging coatings business.

He will also take responsibility for technology and sourcing. Until Frohn takes up his new role, Darner will continue to head the chemicals activities until 30 April 2008.

Darner joined Akzo Nobel's board in 2004. Before that he was the business unit manager for marine and protective coatings. He comes originally from Courtaulds, the British company acquired by Akzo Nobel in 1998.

ICI executive management team 

Akzo Nobel announced that the entire executive management team of ICI has agreed to play key roles in the transition and integration of the ICI businesses into Akzo Nobel, following the completion of the ICI acquisition expected to take place on 2 January 2008.

John McAdam, CEO of ICI, will take lead responsibility for national starch and ICI's corporate center during the restructuring in preparation for the transfer to Henkel and the integration process. He will do so for approximately six months following the completion of the acquisition.

Alan Brown, currently chief financial officer, Andy Ransom, currently general counsel, executive vice president mergers and acquisitions and company secretary, and Rolf Deusinger, currently executive vice president of human resources, will support McAdam in these tasks.

At the same time they will support the senior Akzo Nobel leadership team in the transition of businesses and functions to Akzo Nobel.

David Hamill, chairman and CEO of ICI Paints, will take the responsibility for managing the decorative coatings businesses of Akzo Nobel and ICI and play a key role in the integration. He will do this for a period of 12 months after closing.

Hamill said that he was excited about the future of the new combined company, but is unable for personal reasons to commit to a longer term engagement with Akzo Nobel.

Wijers said, "We highly appreciate his support over the coming period, particularly in light of his personal ambition to spend more time closer to his family in the UK."

Rooseboom, McAdam and Hamill will report to Wijers. Rinus Rooseboom, manager of Akzo Nobel's decorative coatings business unit since 1 January 2007, will together with Hamill, support Wijers in the integration of the decorative coatings businesses of Akzo Nobel and ICI. He will do so until he retires on 1 April 2008.

Chemicals industry leader 

Akzo Nobel is a Fortune Global 500 company and is listed on the Euronext Amsterdam stock exchange. It is also the chemicals industry leader on the Dow Jones Sustainability Indexes and is included on the FTSE4Good Index.

Based in the Netherlands, Akzo is a multicultural organisation serving customers throughout the world with coatings and chemicals products. The group employs around 43,000 people and conduct its activities in these two segments, with operating subsidiaries in more than 80 countries.

Consolidated revenues for 2006 totalled €10 billion. The financial results for the fourth quarter and full year will be published on 6 March 2008.

Related links

• Akzo Nobel
• ICI