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.
2022-08-19 - Brazil’s oil regulator ANP announced details of a permanent bid round for 11 offshore oil and gas exploration blocks and plans to open offer envelopes in mid-December.
2022-08-19 - Pantheon Resources announced the results of its stimulation and flow testing from the Alaskan Alkaid #2 well.
2022-08-19 - The U.S. oil and gas rig count fell by one to 762 in the week to Aug. 19, Baker Hughes said. That was the first time drillers cut the rig count for three consecutive weeks since July 2020.
2022-08-19 - The divestiture includes approximately 47,025 net acres of Montney rights on land north of the Peace River with no associated production or facilities, according to Crew Energy.
2022-08-19 - LLOG Exploration Offshore and Audubon Engineering Co.'s collaborative efforts will make LLOG's Salamanca project the first repurposed hub in the U.S. Gulf of Mexico.