The Supervisory Board of Akzo Nobel N.V. today announced changes to its membership that will be proposed for adoption by the company's Annual General Meeting of Shareholders on April 29th, 2014.
Current Chairman Karel Vuursteen will retire from the Supervisory Board having completed 3 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 Mr Burgmans as Chairman to succeed Mr Vuursteen.
Louis Hughes will also 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. Chairman Karel 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 Supervisory Board is putting forward Mr Byron Grote for appointment. Mr 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. Mr Grote currently holds the role of non-executive director at Unilever, chairing the Audit Committee, and is also a non-executive director at Anglo-American plc.
Following the proposed changes, the Supervisory Board will have eight members instead of the current nine.
The full agenda for AkzoNobel N.V.'s Annual General Meeting, to be held in Amsterdam on April 29, 2014, will be published on March 18. The Annual Report over 2013 will be available online on the company's website and as an iOS app on the AppStore on February 26.
Source: Akzo Nobel N.V.
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