LyondellBasell CEO Bob Patel will depart the company on 31 December. LyondellBasell said in a regulatory filing that Patel “had provided the company with notice of his intent to retire.” Patel will also resign from the company’s board upon departure.
Patel will “continue to lead the company until [31 December] and will ensure a smooth and orderly transition for his successor.” The board has established a committee to oversee the search for a new CEO, and will consider both internal and external candidates.
Patel joined LyondellBasell in March 2010 and was appointed CEO in January 2015.
“We have built a strong operational foundation, achieved significant growth, and continue to have a favorable outlook,” Patel says. “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.”
LyondellBasell said in a regulatory filing that the “resignation is not due to any disagreements with the company on any matter related to its operations, policies, or practices.”
Under Patel’s leadership, LyondellBasell has “successfully expanded our global portfolio, increased our earnings power, delivered strong cash flows, and consistently raised our quarterly dividend,” says company chairman Jacques Aigrain. “The board is grateful for Bob’s exceptional contributions and knows the company will continue to benefit from the value-driven growth investments made under his leadership,” he says. Aigrain praised Patel’s commitment to driving sustainability at LyondellBasell, where the company has set itself the goal of producing and marketing 2 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,” he says.
LyondellBasell said that under Patel’s tenure it has grown substantially through a series of strategic global investments, including the acquisition of A. Schulman, expansion on the US Gulf Coast, and the establishment of new or expanded joint ventures in the US, China, South Korea, and Thailand.
by Mark Thomas and Rob Westervelt
ExxonMobil Corp. (Spring, Tex.) announced the startup of two new chemical production units at its Baytown, Texas, manufacturing facility. The $2 billion expansion is part of ExxonMobil’s long-term growth plans to deliver higher-value products from its U.S. Gulf Coast refining and chemical facilities.
Ineos Enterprises has announced the acquisition of Eramet Titanium & Iron (ETI) from Eramet for €230 million ($245 million). The deal was completed on Sept. 21 and takes immediate effect, following the satisfaction of regulatory approvals.
Arxada has appointed Sanjeev Rastogi as Chief Executive Officer (CEO), effective immediately. He succeeds Marc Doyle who led Arxada since its foundation and will join the company’s board of directors as a non-executive member.