Dutch paints, coatings and chemicals company AkzoNobel announced on Wednesday that Chief Executive Ton Buchner steps down with immediate effect, due to health reasons.

Thierry Vanlancker was announced as the new CEO.

Buchner, CEO at AkzoNobel since 2012, has been responsible for significantly improving the performance of the company, increasing profitability and cash flow to record levels, the company's press release stated.

In April AkzoNobel announced to split into two businesses, separating the Specialty Chemicals part from the Paints and Coatings company. Buchner "put in place a solid operational and financial foundation" which enabled the split, said the statement.

Buchner was cited in the media release as saying: "For me this was an extraordinarily difficult decision to make but my focus must now be on my health."

The new CEO Vanlancker most recently was head of Specialty Chemicals at AkzoNobel. Before joining the company in 2016, the Belgian national was President of Fluoroproducts for Chemours.

In May the Dutch company rejected a third take-over bid by United States rival PPG Industries, saying the offer "undervalued" AkzoNobel. It then announced would continue with its plan to split.