Akzo Nobel announces management restructure to hit 2020 targets
Akzo Nobel has revealed a management restructure to get back on track with its financial targets for 2020.
The Dutch chemicals giant is set to shake up its paints and industrial coatings business after issuing a profits warning due to cost inflation and currency headwinds.
Ruud Joosten has been appointed as Chief Operating Officer, with David Allen taking over as Chief Supply Chain Officer. Chief Financial Officer Maelys Castella is also set to take a leave of absence due to health reasons, to be replaced temporarily by Hans de Vriese.
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Akzo's 2020 target is to achieve a 15% return on sales and up to 25% return on investment for its paints and coatings business.
"Current challenges in the paints and coatings markets are having a wider and greater impact as the year continues and we are dealing with these head-on," said CEO Thierry Vanlancker.
"Our new management structure will increase customer focus, drive further operational excellence, and build greater momentum and speed to help to ensure we achieve our 2020 financial guidance.”
The company has come under shareholder pressure in recent months due to the fallout from its failed takeover from US company PPG Industries.
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