LyondellBasell on Aug. 25 announced that CEO Bhavesh V. (Bob) Patel intends to retire from the Dutch-domiciled multinational chemical company with U.S. operations headquarters in Houston by year-end.
“After almost 12 years at the company, the time has come for me to move to the next chapter of my career, and my decision is made easier given the strength of the company and the highly experienced, capable leadership team that is in place,” Patel said in a release by the company.
Patel joined LyondellBasell in March 2010 and was appointed CEO in January 2015. Since that time, the company has grown substantially through a series of strategic global investments, including the acquisition of A. Schulman, the construction of world-scale manufacturing plants in the U.S. Gulf Coast, and the establishment of new or expanded joint ventures in the United States, China, Korea and Thailand.
“Under Bob’s leadership, LyondellBasell has successfully expanded our global portfolio, increased our earnings power, delivered strong cash flows and consistently raised our quarterly dividend,” commented Jacques Aigrain, board chair, in the release.
Under Patel’s leadership, LyondellBasell was also named to Fortune Magazine’s “World’s Most Admired Companies” list for four consecutive years beginning in 2018 and to Newsweek Magazine’s list of “Most Responsible Companies” for 2021.
“We are extremely proud of his commitment to driving sustainability at LyondellBasell,” Aigrain continued, “where we have set an ambitious goal to produce and market two million metric tons of recycled and renewable-based polymers by 2030. Bob’s leadership in this area is exemplified by the company’s actions as a founding member of the Alliance to End Plastic Waste, an organization which helps address plastic waste in the environment.”
Patel will continue to lead the company until that time and will ensure a smooth and orderly transition for his successor. Upon his departure, he will also resign from the company’s board of directors.
The LyondellBasell board of directors has established a sub-committee that will oversee the search for a new CEO and will consider both internal and external candidates, according to the company release.
Recommended Reading
China's CNOOC Sells US Assets to Britain's INEOS
2024-12-15 - The Chinese oil and gas major said CNOOC Energy Holdings U.S.A. entered into a sales agreement with a subsidiary of INEOS relating to CNOOC's upstream oil and gas assets in the U.S. part of the Gulf of Mexico.
PE Firm Bluewater to Sell Apex International Energy
2025-02-10 - Since Bluewater first invested in Apex International Energy in 2018, the company has grown to be one of the top 10 upstream producers in Egypt.
Encino's Owner Mulls $7B Sale, IPO of Utica E&P, Sources Say
2025-02-04 - CPP Investments is considering a sale or IPO of Encino Acquisition Partners following January’s IPO of fellow Utica Shale E&P Infinity Natural Resources.
After Big, Oily M&A Year, Upstream E&Ps, Majors May Chase Gas Deals
2025-01-29 - Upstream M&A hit a high of $105 billion in 2024 even as deal values declined in the fourth quarter with just $9.6 billion in announced transactions.
NOG Spends $67MM on Midland Bolt-On, Ground Game M&A
2025-02-13 - Non-operated specialist Northern Oil & Gas (NOG) is growing in the Midland Basin with a $40 million bolt-on acquisition.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.