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AkzoNobel CFO delays retirement to steer Axalta merger; incoming CFO appointment dropped
Maarten de Vries, who was set to retire in April, will now extend his tenure by one year to support the merger
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By ICN Bureau | December 22, 2025
Maarten de Vries. Photo: AkzoNobel
AkzoNobel has asked its Chief Financial Officer to stay on longer as it prepares for its planned merger with Axalta, scrapping a previously announced leadership transition to maintain stability during the deal process.
Maarten de Vries, who was set to retire in April at the end of his second four-year term as CFO and board member, will now extend his tenure by one year to support the merger. His continued role on the Board of Management will be put to shareholders for approval at the company’s April 2026 annual general meeting.
As a result, Fredrik Westin—named earlier this year as AkzoNobel’s next CFO from January 1, 2026—will no longer join the company. AkzoNobel said the decision reflects the timing and complexity of the proposed transaction, which is expected to close between late 2026 and early 2027.
AkzoNobel CEO Greg Poux-Guillaume said continuity at the top was critical as the company moves toward the deal’s completion.
“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.”
Supervisory Board Chair Ben Noteboom said both the company and Westin agreed that a short-term CFO change during a sensitive phase of the merger would be disruptive.
“We were excited to welcome Fredrik Westin as CFO, but both parties realized 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 confirmed that, following the merger, the combined company will be led by AkzoNobel’s current CEO, while the CFO role will be held by Axalta’s CFO, as previously announced.
