Dutch coatings and chemicals company Akzo Nobel NV (AKZA.AE) said Friday that Chief Executive Hans Wijers will step down in April next year, to be replaced by Ton Buechner, who is currently CEO of Swiss industrial machinery company Sulzer AG (SUN.EB).

Wijers, 60, joined Akzo Nobel's board in October 2002 and took the helm of the Amsterdam-based company in May 2003. He wasn't immediately available to comment on why he decided to leave Akzo Nobel.

Wijers led the company through several strategic moves, such as improving the pipeline of its pharma business, focusing on the chemicals businesses and successfully growing coatings. Akzo Nobel also divested its pharmaceuticals operations and acquired U.K. chemicals and paint maker ICI.

The timing of Wijers' departure is no great surprise, said Deutsche Bank analyst Martin Dunwoodie, as Wijers has completed the major restructuring of the portfolio and integration of ICI. He has a buy rating on the stock, with a EUR62 target price.

Buechner is seen as having ample experience in key fields such as corporate expansion in emerging markets, said SNS Securities analyst Michel Veul, who retains a buy rating and EUR55 target on the Dutch group.

The market welcomed the news, pushing Akzo Nobel stock up nearly 2% in early business but the shares later eased to trade 0.2% lower at 1037 GMT, at EUR48.40, still outperforming the broader Amsterdam market.

Sulzer stock meanwhile lost 4.8% in value to trade at CHF139.10.

Buechner's agreed move is a loss for the Swiss company and could trigger a slide in its stock price, said Vontobel, which rates it as a buy with a target of CHF175.

"The transformation of the company from a diverse conglomerate in 2003 to a focused, global market leader in coatings, specialty chemicals and sustainability is due, in large part, to his vision and drive", Akzo Nobel's Chairman Karel Vuursteen said in a written statement.

Buechner, a 45-year-old Dutch national, will join Akzo Nobel in January and take the helm after the annual general meeting in April, subject to shareholder approval.

Buechner joined Sulzer--which specializes in the manufacturing of industrial machinery and equipment, surfacing technology and rotating equipment maintenance--17 years ago. Through a Sulzer spokeswoman, Buechner declined comment Friday. The Swiss firm will begin looking for in-house as well as outside candidates to replace Buechner immediately, the spokeswoman said.

"We are fortunate to have secured Ton Buechner as our new CEO. His proven strategic experience leading a public company, and his expertise in the global industrial arena make him the ideal candidate for this role," said Akzo Nobel's Vuursteen in a statement.

-By Archibald Preuschat and Katharina Bart, Dow Jones Newswires; +31 20 5715 218; archibald.preuschat@dowjones.com