The company turned down a third PPG offer, worth over 24.6 billion euros ($28.4 billion) , in early May, saying it would focus on its new strategy, which it presented on April 19. The new approach involved the separation of the specialty chemicals unit into a new business unit, and divesting this within 12 months.
According to Forbes, in late May a Dutch corporate court rejected a demand by hedge fund Elliott Management Corp to remove the Chairman Antony Burgmans, who they claimed to be instrumental in rejecting the PPG proposals.
Additionally, the court said it was concerned over AkzoNobel's problems with some of its shareholders over its position on the deal.
Ton Büchner joined AkzoNobel in 2012 and has been responsible for significantly improving the performance of the company, increasing profitability and cash flow to record levels.
Thierry joined the company in 2016. A Belgian national, prior to joining AkzoNobel he was president - fluoroproducts for Chemours, the spin-off company of DuPont Co.'s chemical businesses formed in 2015.
"It is with great regret that Ton is stepping down due to health reasons… His focus on delivering for our customers and operational excellence has driven profitability to record levels, increasing returns to shareholders,” said Burgmans commenting on Büchner's departure.
