January 3, 2018 / 6:21 AM / a year ago

Akzo Nobel appoints Arcadis's Vree as CFO of chemicals business

General view of the outside of AkzoNobel's new paint factory in Ashington, Britain September 12, 2017. REUTERS/Phil Noble

(Reuters) - Dutch engineering company Arcadis NV (ARDS.AS) and Akzo Nobel (AKZO.AS) said on Wednesday that Arcadis Chief Financial Officer (CFO) Renier Vree has resigned to take up the same role at AkzoNobel Specialty Chemicals (AKZO.AS).

Vree arrives as the maker of Dulux paint is in the process of spinning off the 10 billion euro (8.86 billion pounds) Speciality Chemicals division in a bid to create value for shareholders following its rejection of a takeover offer from rival PPG Industries (PPG.N).

Shareholders overwhelmingly approved the split in November, but many were still unhappy with Akzo Nobel’s refusal to negotiate with PPG over the 26 billion euro offer.

The chemicals job has been open since its former chief, Thierry Vanlancker, was promoted to Akzo CEO in July.

Vree joined Arcadis as CFO in May 2010, prior to which he spent over 20 years at Philips (PHG.AS) including a stint as CFO of Philips Lighting.

“[Vree] brings impressive executive experience with a strong track record of delivering operational performance, and will be instrumental in delivering on our ambitious growth plans,” AkzoNobel Specialty Chemicals Chief Executive Werner Fuhrmann said.

The separation process for AkzoNobel Specialty Chemicals remains on track for April 2018, Akzo Nobel said in a statement.

Vree’s appointment as CFO of the Specialty Chemicals business will be effective March 1.

Reporting by Alan Charlish; Editing by Biju Dwarakanath and Stephen Coates

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