AkzoNobel Adjusts CFO Plans Ahead of Proposed Axalta Merger
AkzoNobel said it has extended the tenure of chief financial officer Maarten de Vries by one year to support the company’s proposed merger with Axalta.
De Vries, who had planned to retire at the end of his second four-year term as CFO and member of AkzoNobel’s Board of Management in April 2026, has agreed to remain in the role through the merger process. The extension of his term as a member of the Board of Management will be proposed for shareholder approval at the company’s April 2026 annual general meeting.
AkzoNobel also said that Fredrik Westin, who had been announced as the company’s new CFO effective Jan. 1, 2026, will no longer join the company. The company said both parties agreed that a leadership change for a short period would not be optimal while the proposed merger is subject to shareholder approval and regulatory clearance.
Greg Poux-Guillaume, CEO of AkzoNobel, said de Vries’ decision to delay retirement reflects his commitment to supporting the company through the proposed transaction. Ben Noteboom, chair of AkzoNobel’s Supervisory Board, said the board determined that continuity in the CFO role would best support the merger process.
As previously announced, AkzoNobel said the CEO of the combined company would be AkzoNobel’s CEO, while the CFO of the merged organization would be the CFO of Axalta following completion of the transaction.
The proposed merger remains subject to shareholder approval and regulatory review, with closing targeted for late 2026 to early 2027.
Related PCI Coverage
• AkzoNobel and Axalta previously announced a proposed merger of equals, outlining leadership structure and the expected approval process.
• PCI examined what the proposed AkzoNobel–Axalta merger could mean for the future of the paint and coatings industry, including comparisons to past transactions involving Sherwin-Williams and PPG.
• PCI’s Chief Editor reviewed the first week of industry and market reaction following the merger announcement.
• Two more stories about investor reactions can be found here:
- Cevian Capital Reportedly Backs the AkzoNobel–Axalta Merger
- Shapiro Capital Questions Akzo-Axalta Merger Terms
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