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AKZO NOBEL : AkzoNobel appoints Ton Büchner as new CEO

04/23/2012 | 11:00am US/Eastern
At today's Annual General Meeting (AGM), shareholders of Akzo Nobel N.V. (AkzoNobel) approved the company's 2011 financial statements and agreed that the 2011 financial year dividend would be €1.45 (2010: €1.40) per common share. An interim dividend of €0.33 was paid in November 2011, which means the final payment will be €1.12 per share.

The final dividend will be paid on May 24, 2012. Under the conditions to be published by the company and at the shareholder's election, this dividend will be paid either in cash or in stock. The AkzoNobel shares will be traded ex-dividend on Euronext Amsterdam as of April 25, 2012. The record date is April 27, 2012.

Board of Management appointment and reappointments
Ton Büchner was appointed as member of the Board of Management by the shareholders and was duly appointed as CEO by the Supervisory Board. At the same time, Hans Wijers stepped down from his position as CEO and member of the Board of Management. The AGM thanked Mr. Wijers for his long and successful tenure at AkzoNobel, transforming the former conglomerate into the world's largest coatings and specialty chemicals company.

Keith Nichols was reappointed to the Board of Management for another four-year term, and Leif Darner - who will reach the regular retirement age for Board of Management members in 2014 - was reappointed for a two-year term.

Rob Frohn stepped down from the Board of Management effective May 1, 2012. The AGM thanked Mr. Frohn for his extensive and successful 28-year career with AkzoNobel.

Supervisory Board appointments and reappointments
Dolf van den Brink and Peter Ellwood were reappointed to the Supervisory Board for further four-year terms. In addition, Sari Baldauf and Ben Verwaayen were appointed to the Supervisory Board for four-year terms.

Having reached the maximum 12-year tenure as member of the Supervisory Board, Virginia Bottomley stepped down. The AGM thanked Baroness Bottomley for her contributions to the company.

Amendments to the Articles of Association
The proposal to amend the Articles of Association to align them with changes in Dutch legislation was approved.

Further information about the amendments is available here.

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