Stumpp will take up another as-yet unspecified position within BASF when the two firms join to create Europe's biggest printing consumables supplier on 30 November.

Peter Koivula, current president of ANI, has been named as chief executive officer of the newly-formed company, which has yet to be named.

Koivula, who led a management buy-out of Akzo Nobel inks in February 2002 before renaming it ANI, previously worked at Sun Chemical.

The new company has also been created by a management buy-out, funded by money from equity firm CVC Capital Partners, which bought the two companies last month.

Koivula said: "The management's financial involvement in the buy-out strengthens the commitments and feeling of ownership that will help the company to ... exploit the opportunities that arise in an increasingly globalised and competitive market."

The new company, formed by the merger following the 473m (680m) acquisition of both companies by CVC, will be based in Stuttgart and have more than 3,500 staff.

It will have sales of more than 577m and be made up of six divisions: narrow web, packaging inks, printing plates, publication inks, sheetfed offset and pigments and resins.

Niclas Nystrm will be chief financial officer, while Stefan Wegener will take charge of operations and synergies and Frauke Meissner will head up procurement.

Story by Josh Brooks