AkzoNobel announced on Wednesday that CEO Ton Büchner has stepped down with immediate effect because of health reasons, one month after turning back an unsolicited takeover bid from PPG Industries. Thierry Vanlancker, who joined the company from Chemours last year, has been named as his successor. Elliott Advisors (New York), the activist investor that led a group of dissident shareholders pushing AkzoNobel to explore a deal during the PPG bid, has raised its stake in AkzoNobel since PPG dropped its bid and continues to push for changes at the company. Elliott petitioned the Dutch Interim Relief Court (IRC) earlier in July for authorization to convene a meeting of shareholders to vote on the dismissal of Antony Burgmans, chairman of AkzoNobel's supervisory board.
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