AkzoNobel CFO Maëlys Castella leaves for health reasons

  • After almost three years on the job
  • Accolades, praise, words of regret and good wishes for Castella
  • Hans De Vriese taking over in the interim
  • Search for a successor

(exechange) — Amsterdam, Netherlands, September 08, 2017 — Maëlys Castella, finance chief of AkzoNobel, leaves. As announced by Akzo Nobel N.V. in a news release on Friday, September 08, 2017, Maëlys Castella leaves the post as Chief Financial Officer at the chemicals company after almost three years on the job.

Castella’s move comes two months after Thierry Vanlancker took over as CEO of Akzo Nobel N.V.

The exact date of Castella’s departure was not specified in the announcement.

AkzoNobel will undertake a search for a successor.

Castella’s duties are taken over in the interim by Hans De Vriese, most recently Group Controller at Akzo Nobel N.V.

Akzo Nobel N.V. still listed Castella as Chief Financial Officer, Member of the Board of Management and the Executive Committee Management on its leadership page.

Health reasons

The management change is explained as follows. AkzoNobel said: “AkzoNobel announces that Maëlys Castella, Chief Financial Officer and Member of the Board of Management will step down due to health reasons. Ms. Castella is now on a leave of absence.”

Chaired by Antony Burgmans

Akzo Nobel N.V. is chaired by Antony Burgmans.

Burgmans is Chairman of the Supervisory Board.

Burgmans has survived calls for his removal from activist investor Elliott Advisors.

CEO: Thierry Vanlancker

Thierry Vanlancker serves as CEO of Akzo Nobel N.V. Thierry F. J. Vanlancker has been Chief Executive Officer of Akzo Nobel N.V. since July 19, 2017.

Akzo’s former CEO departed in July 2017, also for health reasons.

Chairman Antony Burgmans insisted the two departures are not connected.

“It is extraordinary that these cases follow each other so rapidly, but it is purely coincidental. They are for entirely different reasons, and are in no way related,” Burgmans said.

On the job as CFO since 2014

Maëlys Castella was appointed to the Board of Management of AkzoNobel on October 8, 2014.

Castella was already Chief Financial Officer and a member of the Executive Committee as of September 15, 2014.

Prior to joining AkzoNobel, Maëlys Castella, a French national, held the position of Group Deputy CFO at Air Liquide, a Paris Euronext stock exchange listed company, world leader in gases, technologies and services for Industry and Health.

Castella is an engineer by training having earned an Engineering degree at Ecole Centrale Paris.

She also has a Master’s degree in Energy Management & Policy from the University of Pennsylvania and the French Institute of Petroleum (IFP).

Her early career was spent in the oil and gas industry at the Elf Group involving roles as Financing & Capital Market Manager as well as Investor Relations and Controller.

In 2000 she joined Air Liquide where she held various positions in Finance and Marketing before she was appointed Group Deputy CFO in 2013.

“Following an anticipated recovery, Maëlys is expected to return to AkzoNobel in a senior management role,” Akzo said.

Push-out Score not determined

When the reason for the departure is health-related, a Push-out Score™ is not determined.

Read the full story in the exechange report 37.2017 ($).