New alert on profits as Dulux-owner Akzo suffers second health blow

Under-pressure Dulux owner AkzoNobel today said it was a “coincidence” a second top executive was stepping down due to ill health in as many months, as it stunned investors with a fresh profit warning.

The paints and chemicals group said chief financial officer Maëlys Castella will temporarily leave because of illness, just weeks after chief executive Tom Büchner resigned on health grounds.

Akzo chairman Antony Burgmans said: “I can understand that the proximity and timing of two health related departures on my board of management is bizarre in terms of coincidence but these are two totally unrelated issues. But the coincide, I would concede, is very coincidental.”

The company has been left reeling after fending off a €27 billion (£25 billion) takeover bid from US group PPG.

Activist investor Elliott, known for its hardball tactics, built up a big stake in Akzo and then took aim at the firm although the pair have agreed a three-month ceasefire.