Dutch paints company Akzo Nobel is to replace its chairman Antony Burgmans, who last year was at the centre of a row with activist shareholders over his handling of a €26.9bn takeover offer from US rival PPG.
Mr Burgmans, who resisted calls to open talks with PPG, is retiring. He will be replaced by Nils Andersen, a former chief executive of the Danish shipping-to-oil conglomerate AP Moller-Maers and Carlsberg, the Dutch brewer. He will formally take up his position in April at the annual shareholder meeting.
Byron Grote, deputy chairman, said Mr Andersen had “a wealth of relevant experience gained during an extensive international career in the consumer goods, energy, and shipping industries”.
Last year the Dutch owner of the Dulux brand rejected three unsolicited buyout offers from PPG, arguing they undervalued its business, and would lead to substantial job cuts.
Akzo Nobel’s stance sparked a chorus of investor dissent, with a number of shareholders, led by the hedge fund Elliott Advisors, publicly urging it to the negotiating table.
Ellilott unsuccessfully sought to oust Mr Burgmans as chairman.
The Dutch paint maker, which is the second largest player in the $130bn global paints and coatings market, said in October it was preliminary talks with US group Axalta Coating Systems over a potential combination that could create a group valued at roughly $30bn.