Akzo Nobel plans creation of two entities, Board changes.Akzo Nobel Akzo Nobel is a multinational company, active in the fields of healthcare products, coatings and chemicals. Headquartered in Amsterdam, the Netherlands, the company has activities in more than 80 countries, and employs approximately 62,000 people. , Arnhem, The Netherlands, has announced that its Board has approved its plans to create two separate companies. The independent entities will focus on Coatings/Chemicals and Pharmaceuticals, respectively. "Over recent years, we have made significant progress related to our strategy of fixing pharma, refocusing our chemicals portfolio, and continuing to grow and invest in our coatings business," said Hans Wijers, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Akzo Nobel. "As a logical next step, and after a thorough strategic review, we believe that creating two independent companies, Coatings/Chemicals and Pharmaceuticals, will enhance shareholder value through both increased management and strategic focus, and greater transparency. Both businesses are strongly positioned to grow independently." As part of the separation, Akzo Nobel is in the process of divesting a minority stake in Organon or·ga·non or or·ga·num n. pl. or·ga·nons or or·ga·nums or or·ga·na 1. An organ. 2. A set of principles for use in scientific investigation. organon pl. organa [Gr.] organ. Biosciences--the new name of its Pharmaceuticals business--through an Initial Public Offering. Full separation of Organon is expected between two to three years after the IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. . In addition, the company has also announced several changes to the Board of Management and the Supervisory Board Supervisory board The board of directors that represents stakeholders in the governance of the corporation. . Toon Wilderbeek, the Akzo Nobel Board of Management member responsible for Pharmaceuticals, has resigned as of February 28 to concentrate fully on being the CEO of Organon BioSciences. Three Supervisory Board members--Cees van Lede, Abraham Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , and Alain Merieux--will be leaving their positions on May 1, 2007. The three Supervisory Board departures will signal the introduction of a new set-up--reducing the number of members from ten to eight--which is regarded as a logical consequence of the company's separation plans. New members of the Supervisory Board will be announced at the company's Annual General Meeting on April 25, 2007. |
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