AkzoNobel Convenes EGM; Announces New Structure For Executive Committee

(RTTNews) - Dutch paints and chemicals maker AkzoNobel N.V. (AKZA.AS, AKZOY) said it has convened an Extraordinary General Meeting of Shareholders or EGM, to be held at Hilton Hotel in Amsterdam, the Netherlands, on Friday, September 8, 2017.

The agenda items include the appointment of T.F.J. Vanlancker as member of the Board of Management as well as further explanation and discussion regarding AkzoNobel's response to the unsolicited and non-binding proposals made by PPG (PPG) in March/April 2017.

In addition to the EGM, AkzoNobel also announced several measures to strengthen and maintain a constructive dialogue with its shareholders.

This includes the creation of a Supervisory Board committee for shareholder relations, and the appointment of David Mayhew and team from JP Morgan Cazenove as advisor for shareholder relations.

The company also said it is planning for senior executive remuneration to be aligned to the new financial plan, program of meetings to introduce the new CEO, augmented schedule of roadshows and conferences, and enlarged program of analyst and investor webcasts as well as events.

In addition, Antony Burgmans said he intends to retire as planned and in-line with the Dutch corporate governance code, from his position as Chairman of the Supervisory Board of AkzoNobel, following the completion of his third term in office in April 2018. A process is now underway to identify his successor.

AkzoNobel also announced a new structure for its Executive Committee, with the company's CEO, CFO, General Counsel and Chief Human Resources Officer continuing in their roles.

Changes to the Executive Committee following the new structure are Chief Operating Officer Ruud Joosten and Integrated Supply Chain Leader David Allen. Werner Fuhrmann will return to AkzoNobel in the role of head of Specialty Chemicals.

Effective immediately, Ruud Joosten is named Chief Operating Officer (COO) Paints & Coatings.