HOUSTON and LONDON, Dec. 18,
2014 /PRNewswire/ -- LyondellBasell (NYSE: LYB)
announced today that the Supervisory Board has appointed
Bhavesh V. "Bob" Patel chief executive officer, effective
January 12, 2015. Patel
succeeds James L. Gallogly, who previously announced his plan
to retire.
"After a rigorous selection process, we chose Bob Patel based on his proven leadership, his
outstanding track record, and his numerous contributions to the
success of LyondellBasell," said Supervisory Board Chairman
Robert G. Gwin. "The Board is
grateful to Jim Gallogly for his
many accomplishments and his outstanding service to the company and
its stakeholders. We are very pleased to announce Bob's appointment
as Jim's successor and we have full confidence that he will
continue to lead the Company to new heights," Gwin said.
Patel has served as executive vice president, Olefins and
Polyolefins (O&P) – Europe,
Asia & International and
Technology since October 2013. After
serving in several positions of increasing responsibility at
Chevron Corporation and Chevron Phillips Chemical Company, Patel
joined LyondellBasell in March 2010
as senior vice president, O&P – Americas, where he successfully
restructured the business to take advantage of the shale gas
expansion in the U.S. In November
2010, he was named senior vice president, O&P – EAI and
Technology. In that role, he again successfully restructured
the business and improved profitability.
In recognition of his contributions, Patel was promoted to
executive vice president in October
2013 and given additional responsibility for the Company's
manufacturing operations outside of the Americas. As
executive vice president, Patel has been responsible for the
Company's outperformance of its peers in Europe and Asia by streamlining operations, shifting to
advantaged feedstocks and operating plants more reliably.
In April of 2014, Patel was appointed by shareholders to the
Company's Management Board and will serve as the Chairman of the
Management Board when he assumes the role of CEO in January.
The Company's Management Board is responsible for overall
management of the Company and the implementation of corporate
strategy.
"I am honored by the Supervisory Board's confidence and thankful
for Jim's leadership," said Patel. "Moving forward, we will
build upon the strong foundation Jim has established. I truly
believe our greatest achievements are yet to come and I look
forward to the next exciting chapter in LyondellBasell's future,"
he concluded.
About LyondellBasell
LyondellBasell (NYSE: LYB) is one
of the world's largest plastics, chemical and refining companies
and a member of the S&P 500 Index. LyondellBasell
(www.lyb.com) manufactures products at more than 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.
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.
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SOURCE LyondellBasell