Akzo Nobel issues profit warning and says chief financial officer has stepped down for health reasons

Dulux owner Akzo Nobel has issued a profit warning and revealed that its finance boss has followed its former chief executive in stepping down from the business due to health reasons.
Akzo, which has spent much of the year resisting shareholder unrest over a failed takeover attempt by US rival PPG Industries, said full-year profits will be less than previously guided.
As part of a new strategy unveiled in April as it rejected PPG’s approach, Akzo said its profits for the year would be around €100m (?92m) ahead of 2016.
However, it has now said that operating profits for 2017 will be “less than the previously communicated increase of €100m”.
The warning came alongside a separate announcement that chief financial officer Maelys Castella was stepping down due to health reasons.
Ms Castella’s departure comes less than two months after former chief executive Ton Buchner also stepped down because of health issues.
Akzo Nobel issues profit warning and says chief financial officer has stepped down for health reasons

Former chief executive Tom Buchner

Clara Molden for The Telegraph
Chairman Antony Burgmans, who has survived repeated criticism and calls for his removal from activist investor Elliott Advisors, insisted the two departures are not connected.
“It is extraordinary that these cases follow each other so rapidly, but it is purely coincidental,” he said. “They are for entirely different reasons, and are in no way related.”
Unlike Mr Buchner, Ms Castella is expected to return to the company in what Akzo described as a “senior management role”.
Thierry Vanlancker, who replaced Mr Buchner as chief executive earlier this summer, said the profit warning was prompted by a combination of unfavourable foreign exchange rates, continued headwinds in the marine and protective coatings industry, disruption to the manufacturing and supply chain and raw material cost inflation.
“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,” he said.
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