Sector News

LyondellBasell Appoints Bhavesh Patel as CEO

December 19, 2014
Energy & Chemical Value Chain
Chemicals company LyondellBasell Industries has appointed Bhavesh V. Patel as chief executive, succeeding James L. Gallogly, who previously announced plans to retire.
 
The change is effective Jan. 12.
 
Mr. Gallogly said in September that he would retire in early 2015 from LyondellBasell, which has operations including plastics, chemicals and refining.
 
Mr. Patel most recently served as executive vice president of olefins and polyolefins. He previously worked at Chevron Corp. and Chevron Phillips Chemical Co., and joined LyondellBasell in March 2010 as senior vice president of O&P. He was promoted to executive vice president in October 2013 and appointed to the management board in April.
 
The Houston-based chemicals-and-polymer producer has posted high revenue and earnings growth in the past few quarters, a large turnaround since it emerged from Chapter 11 bankruptcy in 2010. In its most recently ended quarter, earnings rose 6.7%, led by a 40% increase in operating revenue from one of Mr. Patel’s segment: olefins in the Americas.
 
Shares of LyondellBasell, which were inactive premarket, are down about 6% this year.
 
By Angela Chen
 

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