Industry News

Akzo Nobel Announces New Executive Appointments

Published on 2004-02-03. Author : SpecialChem

Arnhem, the Netherlands, February 3, 2004 - Akzo Nobel has announced that Frits Fentener van Vlissingen (70), who served the Supervisory Board for 20 years, will step down from the Board, as he has reached the age limit. Dolf van den Brink (55), professor Financial Institutions at the University of Amsterdam and former member of the Managing Board of ABN AMRO Bank, will be proposed to join the Supervisory Board, effective May 1, 2004, at the General Meeting of Shareholders on April 22, 2004.

Leif Darner (51) will be nominated as a member of the Board of Management. Mr. Darner will succeed Dag Strömqvist (62), who will retire from the Board effective July 1, 2004. Mr. Strömqvist has enjoyed a long-standing career in our chemical business and has been a member of the Board since 2000.

Mr. Darner, currently General Manager at Marine & Protective Coatings, started his career as a product manager for Unilever in Norway. In 1980 he joined Courtaulds and held several regional and global management positions in Yacht, Powder, Industrial, and Marine and Protective Coatings based in Sweden and the United Kingdom. After the takeover of Courtaulds by Akzo Nobel in 1998 he was appointed in his present function, based in London. Hans Wijers, Chief Executive Officer of Akzo Nobel, said: "Leif made Marine & Protective into what it is today, a star performer. I'm confident that he's the one to pilot our chemical businesses through today's turbulent times."

Fritz Fröhlich (61), Deputy Chairman of the Board of Management, will step down from the Board of Management, effective May 1, 2004, having reached the retirement age. Mr. Fröhlich served on Akzo Nobel's Board for 11 years, first with responsibility for Fibers, and since 1998 as Chief Financial Officer. As announced previously, Rob Frohn (43), until the end of 2003 General Manager for Surface Chemistry, will be proposed for appointment to the Board of Management to succeed Mr. Fröhlich as CFO, effective May 1, 2004.

The remuneration of Messrs. Darner and Frohn is in line with the Dutch corporate governance code Tabaksblat, and also in line with the remuneration of the other Board Members. The remuneration of the Akzo Nobel Board of Management will be discussed at the Annual General Meeting of Shareholders.

Source: Akzo Nobel

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