LyondellBasell has announced that Chief Executive Officer James L. Gallogly will retire from the company in early 2015. Gallogly will continue to serve as CEO and chairman of the LyondellBasell management board in the interim to ensure an orderly transition pending the selection of his replacement.
LyondellBasell Announces Retirement of CEO Jim Gallogly
October 17, 2014
The LyondellBasell supervisory board of directors has formed a committee to choose Gallogly's successor.
In May 2014, shareholders approved the expansion of the company's management board, chaired by Gallogly, to include Craig B. Glidden, executive vice president and chief legal officer, Karyn F. Ovelmen, executive vice president and chief financial officer; Bhavesh V. Patel, executive vice president of olefins and polyolefins - EAI and technology; Timothy D. Roberts, executive vice president of olefins and polyolefins – Americas; and Patrick D. Quarles, senior vice president of intermediates and derivatives. The management board members were elected to four-year terms to ensure continued strong leadership and executive continuity at the company.
"The entire management board has demonstrated exceptional business leadership and I am confident the transition will be seamless," Gallogly says.
"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 G. Gwin, chairman of the LyondellBasell supervisory board. "The supervisory board is grateful to Jim for his exceptional contributions to the company. As the company moves forward, we will build on the solid foundation Jim created by continuing to focus on safety, cost control, taking maximum advantage of market opportunities and by investing in technology-driven growth," he added.
"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 says. "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. I truly believe the company's best days lie ahead."