AkzoNobel has announced this morning that CEO Ton Buchner is stepping down ‘with immediate effect due to health reasons’. The company has appointed Thierry Vanlancker as his replacement.

Buchner’s health problems have been attributed by Reuters to the takeover bid mounted by PPG earlier this year.  

“It is with great regret that Ton is stepping down due to health reasons. He has been an outstanding leader for AkzoNobel, transforming the company and setting it up for future success. His focus on delivering for our customers and operational excellence has driven profitability to record levels, increasing returns to shareholders,” said Antony Burgmans, Chairman of the Supervisory Board.

Vanlancker joined the company in 2016 and was most recently Head of Specialty Chemicals. His successor is yet to be announced.