Former AkzoNobel CEO Ton Büchner who resigned last year is pocketing a total of €5.5m for his services over 2017. This includes €925,000 in severance pay despite the fact the it was his decision to leave the paints, coatings and specialty chemicals group, the Financieele Dagblad said on Friday.
The FD said details were found in AkzoNobel’s 2017 annual report which was published on Thursday. Despite receiving severance pay, Büchner was not sacked, a spokesman for the company said.
Akzo was beset by a series of hostile takeover attempts from it US peer PPG Industries and heavy pressure from a major shareholder Elliott Management last year. Having joined the Amsterdam-based company in 2012, Büchner twice took leave for ‘health reasons’.
Büchner himself decided to leave last July, but due to his performance and the unusual situation last year he was awarded severance pay, the company said. This conflicts with the Dutch corporate code for good corporate management which says people who quit should not get a bonus.
The total €5.5m included the severance pay, his full-year 2017 salary of €950,500 and proceeds from the sale of a share package. His total remuneration was €3.5m in 2016.
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