LyondellBasell CEO James Gallogly has announced plans to retire from the company in early 2015. LyondellBasell’s supervisory board has formed a committee to choose Gallogly’s successor. Gallogly will remain CEO and chairman of the management board in the interim. A LyondellBasell spokesperson says the decision was made by Gallogly. The supervisory board wanted Gallogly to remain as CEO, but respects the decision, he adds.
“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 in a statement. “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.”
Shareholders approved the expansion of the company’s management board, chaired by Gallogly, in May 2014 to include Craig Glidden, executive v.p. and chief legal officer; Karyn F. Ovelmen, executive v.p. and CFO; Bhavesh Patel, executive v.p. – olefins and polyolefins – Europe, Asia, and international (EAI) and technology; Timothy Roberts, executive v.p. – olefins and polyolefins – Americas; and Patrick Quarles, senior v.p. – intermediates and derivatives. “The entire management board has demonstrated exceptional business leadership and I am confident the transition will be seamless,” Gallogly said.
Gallogly joined LyondellBasell in May 2009, when the company was still operating under bankruptcy protection. “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,” says Robert Gwin, chairman of the LyondellBasell supervisory board. “The supervisory board is grateful to Jim for his exceptional contributions to the company.”
By Robert Westervelt