OMV Reorganizes Downstream Business Structure

   By Anthony Shevlin

OMV AG (OMV.VI) said Monday that it is reorganizing the structure of its downstream business and that Manfred Leitner will resign as executive board member.

The Austrian company said it will split its downstream business into refining & petrochemical operations and marketing & trading.

"This positions OMV's organization consistently along the value chain and ensures its preparedness for tackling strategic challenges in the future," said the company.

OMV appointed Thomas Gangl as executive board member for refining & petrochemical operations, effective July 1.

Rainer Seele, chairman of the executive board and chief executive of OMV, will take over management of the marketing & trading division on an interim basis until a permanent appointment has been made.

Mr. Leitner will resign as executive board member for the downstream business on June 30 as he isn't available for personal reasons, said the company.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com; @anthony_shevlin

(END) Dow Jones Newswires

May 27, 2019 10:35 ET (14:35 GMT)

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