New Delhi: Global coatings major AkzoNobel N.V. has moved to ensure financial leadership stability as it advances its proposed all-stock merger with Axalta Coating Systems Ltd., delaying a planned finance department transition to tide it through a critical transaction period.
Source: Internet
Maarten de Vries, who was due to retire in April 2026 after completing his second four-year term as Chief Financial Officer and member of the Board of Management, has agreed to extend his tenure by one year. The extension, aimed at supporting the planned merger process, will be put forward for shareholder approval at the company’s Annual General Meeting in April 2026.
AkzoNobel had earlier announced Fredrik Westin as its incoming CFO, scheduled to take over from January 1, 2026. However, in light of the timing and complexity of the ongoing merger talks, Westin will no longer join the company. A spokesperson said the move reflects both parties’ recognition that a short-term leadership change during this sensitive phase would be sub-optimal.
Greg Poux-Guillaume, AkzoNobel’s CEO, underlined the importance of continuity at the finance helm as the company works toward closing the transaction, expected in late 2026 to early 2027. He thanked de Vries for his commitment and noted that steady leadership would be critical in navigating regulatory approvals and shareholder engagement.
Ben Noteboom, Chair of AkzoNobel’s Supervisory Board, acknowledged Westin’s cooperation in the decision and extended best wishes for his future endeavours. The Board also expressed gratitude to de Vries for his ongoing dedication.
The CFO announcement comes against the backdrop of AkzoNobel’s ambitious plan to combine with U.S.-based Axalta in an all-stock “merger of equals” that would create one of the world’s largest coatings groups, with an enterprise value of approximately $25 billion and combined annual revenues near $17 billion.
Under the agreed terms, AkzoNobel shareholders are expected to hold about 55% of the merged entity, with Axalta investors owning the remainder. The combined company, initially dual-listed in Amsterdam and New York, is also set to unify under a single New York Stock Exchange listing upon closing.
While the merger has drawn some investor scrutiny — including opposition from major Axalta shareholder Artisan Partners, which has called for a rejection of the deal — corporate executives remain confident that scale and complementary portfolios will unlock significant long-term value.
Once completed, the transaction is expected not only to reshape the competitive landscape in the paints and coatings sector but also to reinforce AkzoNobel’s leadership positioning with strengthened financial and operational capabilities.