HOUSTON and LONDON, Sept. 29,
2014 /PRNewswire/ -- LyondellBasell (NYSE: LYB)
announced today that Chief Executive Officer James L. Gallogly will retire from the company
in early 2015. Gallogly will continue to serve as CEO and
chairman of the LyondellBasell management board in the interim to
ensure an orderly transition pending the selection of his
replacement. The LyondellBasell supervisory board of
directors has formed a committee to choose Gallogly's
successor.
In May 2014, shareholders approved
the expansion of the company's management board, chaired by
Gallogly, to include Craig B.
Glidden, executive vice president and chief legal officer,
Karyn F. Ovelmen, executive vice
president and chief financial officer, Bhavesh (Bob) V. Patel, executive vice president
– Olefins & Polyolefins - EAI and Technology,
Timothy D. Roberts, executive vice
president – Olefins & Polyolefins – Americas, and Patrick D. Quarles, senior vice president –
Intermediates and Derivatives. The management board members were
elected to four-year terms to ensure continued strong leadership
and executive continuity at the company. "The entire management
board has demonstrated exceptional business leadership and I am
confident the transition will be seamless," Gallogly said.
"Under Jim's leadership, LyondellBasell successfully emerged
from bankruptcy in record time and today is an industry leader with
a very strong balance sheet and strategically positioned
manufacturing facilities," said Robert G.
Gwin, chairman of the LyondellBasell supervisory
board. "The supervisory board is grateful to Jim for his
exceptional contributions to the company. As the company
moves forward, we will build on the solid foundation Jim created by
continuing to focus on safety, cost control, taking maximum
advantage of market opportunities and by investing in
technology-driven growth," he added.
"There is never a perfect time to leave a company with as much
promise as LyondellBasell, but this is the right time for me,"
Gallogly said. "Having achieved the goals that I set for myself
professionally and for the company, I feel it's time to move on to
the next chapter, putting a priority on my family and philanthropic
efforts. The company is at a point where the successful strategies
and strong leadership team we have in place are poised to take full
advantage of the favorable industry conditions that are expected
for the foreseeable future. I truly believe the company's
best days lie ahead."
This press release contains forward-looking statements. These
statements are not guarantees of future performance or outcomes and
involve certain risks, uncertainties and assumptions that are
difficult to predict. While LyondellBasell believes that
these forward-looking statements are reasonable as and when made,
there can be no assurance that future developments affecting
LyondellBasell will be those currently anticipated. All
forward-looking statements are expressly qualified in their
entirety by the cautionary statements above as well as factors
affecting our business generally as set forth in the "Risk Factors"
section of our Form 10-K for the year ended December 31, 2013, which can be found at
www.lyb.com on the Investor Relations page and on the Securities
and Exchange Commission's website at www.sec.gov.
LyondellBasell (NYSE: LYB) is one of the world's largest
plastics, chemical and refining companies. The company manufactures
products at 55 sites in 18 countries. LyondellBasell products and
technologies are used to make items that improve the quality of
life for people around the world including packaging, electronics,
automotive parts, home furnishings, construction materials and
biofuels. More information about LyondellBasell can be found at
www.lyb.com.
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SOURCE LyondellBasell Industries