CFO's exit looming after Akzo annexes ICI
Alan Brown's departure from chemical giant is imminent now that takeover by Dutch suitor is completed
Alan Brown has entered the home straight of his tenure as ICI CFO now that
the company’s takeover by Akzo Nobel had been rubber-stamped.
At the end of last year, it emerged that there would be no place on the new
management board for the CFO.
Key members of ICI’s board including Brown agreed to stay on for a period of
time after the deal was completed to ‘ensure a smooth transition of the business
and functions to Akzo,’ the Dutch company said.
Akzo Nobel confirmed yesterday that its £8bn takeover of the Dulux paintmaker
had gone through, which has the knock-on effect of reducing KPMG’s tally of FTSE
100 audits to 23.
However, the Big Four firm will recover its 24 FTSE 100 audits tally now that
Amec has replaced ICI in the top flight.