The Supervisory Board of Akzo Nobel N.V. today announced that Keith Nichols, Chief Financial Officer and member of the Board of Management, has decided to step down at the end of June after eight highly successful years with the company.

Keith will remain Chief Financial Officer and retain his position on the Board until June 30, 2014. An international search for Keith's successor is being undertaken and an appointment will be made in due course.

Chief Executive Officer Ton Büchner: "We thank Keith for his dedication and commitment to AkzoNobel over the past eight years. He has played a major role in the transformation of the company's portfolio, most notably in the exit of our Pharmaceutical business and, since becoming CFO in 2008, has made an outstanding contribution in driving financial discipline and functional excellence across the company. We will miss Keith's valuable and insightful input as well as his hard work and I know that I speak on behalf of all my colleagues in wishing him well for the future."

Keith Nichols commented: "Making a decision like this is never easy but I leave the company well placed to deliver its 2015 financial targets. I would like to thank my colleagues throughout the company and wish them all the very best for the future."

Karel Vuursteen, Chairman of the Supervisory Board, said: "On behalf of all my Supervisory Board colleagues, I would like to thank Keith for the significant contribution he has made to the company and wish him every success in his new endeavours."

Source: AkzoNobel