The CFO of paint and coatings maker Akzo Nobel is stepping down in June, foregoing several million euros in bonuses and a golden handshake, the Financieele Dagblad reports on Thursday.

Keith Nichols is leaving of his own volition and will lose long-term bonuses for 2012 and 2013, the FD says.

Nichols has worked at Akzo Nobel for eight years and agreed in 2012 to take the CFO job for four years. ‘Making a decision like this is never easy but I leave the company well placed to deliver its 2015 financial targets,’ Nichols said in a short statement.

A spokesman told the FD the fact Nichols’ family continues to live in Britain and he makes a weekly commute has also played a role.

The company has now begun an international search for his successor.