Sulzer AG (SUN.EB) said Friday Chief Executive Ton Buechner will leave in the fourth quarter to take the top post at Dutch paint and coatings company Akzo Nobel NV (AKZA.AE).

Winterthur, Switzerland-based Sulzer, which said the search for a new CEO will start immediately, expressed regret over Buechner's exit after 17 years with the firm and acknowledged it is a blow.

"In his different functions he (Buechner) guided Sulzer through difficult times, while improving its performance. With a high number of targeted acquisitions and with forceful growth in the emerging markets, he has changed and strengthened Sulzer," Sulzer Chairman Juergen Dormann said in a statement.

The Dutch-born Buechner could not immediately be reached for comment.

-By Katharina Bart, Dow Jones Newswires; +41 43 443 8043; katharina.bart@dowjones.com