Incoming AkzoNobel CFO will no longer take up role
Global paint and coatings giant AkzoNobel has confirmed that Maarten de Vries will remain as chief financial officer for an additional year as the company prepares for its proposed merger with rival Axalta.
de Vries had previously planned to retire at the end of his second four-year term in April, but has agreed to extend his tenure to support the transaction through its next phase.
Fredrik Westin, who had been announced as the incoming chief financial officer with effect from 1 January 2026, will no longer take up the role. The company notes that the change reflects the timing and requirements of the proposed transaction, which is expected to progress towards completion between late 2026 and early 2027.
The extension of de Vries’ term as a member of the board of management will be proposed for shareholder approval at the company’s annual general meeting in April 2026. AkzoNobel states that the decision is intended to provide continuity during the period leading up to the proposed merger.
AkzoNobel agreed to acquire its smaller rival, Axalta Coating Systems, in November 2025, in a cross-border deal that creates a coatings company valued at around $25bn.
The combined business has revenues of approximately $17bn. The merger will generate cost synergies of approximately $600m, 90 per cent of which are expected to be realised within the first three years post-transaction.
Commenting on the decision, Greg Poux-Guillaume, chief executive officer of AkzoNobel, says: “Maarten has been a great partner to me over the past three years. I appreciate his dedication to AkzoNobel, exemplified by his willingness to delay his announced retirement from AkzoNobel to accompany us to closing of our proposed merger with Axalta.”
Ben Noteboom, chair of AkzoNobel’s supervisory board, adds: “We were excited to welcome Fredrik Westin as CFO, but both parties realised that making a change for such a short period, while the merger is proposed for shareholder approval and goes through regulatory clearance, was not optimal. We wish Fredrik the best in whatever comes next. We know he will be successful. The supervisory board thanks Maarten for his loyalty and dedication.”
AkzoNobel has previously stated that, following completion of the transaction, the chief executive officer of the merged company will be the current chief executive officer of AkzoNobel, while the chief financial officer will be the chief financial officer of Axalta.
AkzoNobel operates in over 150 countries and has a portfolio that includes the coatings brands International (Interlux in North America), Sea Hawk, Intersleek and Awlgrip, as well as the global domestic paint brand Dulux.
In September 2024, AkzoNobel confirmed it plans to cut around 2,000 jobs this year worldwide as it attempts to cut its costs. In January 2025, the firm confirmed it was cutting its French workforce despite a €22m investment.
