Home / Knowledge / News / Textiles / LyondellBasell announces continuity of management
LyondellBasell announces continuity of management
14
Sep '13
LyondellBasell announced that it has entered into a new contract with CEO James L. Gallogly and taken other steps to ensure continued strong leadership and executive continuity at the company.

"The company has been transformed in recent years under the talented leadership team that Jim has assembled and led," said Robert G. Gwin, chairman of the supervisory board.

"The company emerged from bankruptcy in May 2010 and is now a member of the S&P 500 with an investment-grade credit rating.  It has advanced every facet of its business goals, including safe and reliable operations, strict cost control, asset refurbishments and a significant capital growth program," Gwin said. Total shareholder return over this period, assuming dividends were reinvested into the stock, has been approximately 400 percent.

Gallogly's new contract will become effective May 14, 2014. Gallogly's original employment agreement was entered into in May 2009 when he joined the company during its bankruptcy proceedings and tied most of his realizable compensation to equity awards.  Those awards, pursuant to their original terms, will largely be fully vested in May 2014.

In order to provide continuity of management and to ensure continued pay-for-performance, the supervisory board determined that a new agreement with Gallogly was in the best interest of the company and its stakeholders.  The majority of Gallogly's potential compensation under the new agreement will be tied to company performance and the creation of shareholder value.

In recognition of the contributions of the executive team to the success of the company, LyondellBasell also announced the promotion of two senior executives to executive vice president and the formation of a six-member management committee.

Promoted to executive vice president are Bhavesh V. (Bob) Patel, senior vice president of Olefins and Polyolefins (O&P) – Europe, Asia, International and Technology; and Timothy D. (Tim) Roberts, senior vice president of Olefins and Polyolefins (O&P) – Americas.

They will assume responsibility for manufacturing operations in their respective regions.  The promotions, which will be effective Oct. 1, are in recognition of their contributions to the success of the company and its continued excellent performance. 

"Bob and Tim are seasoned business leaders who have led the company's largest business segments and are poised to assume greater responsibilities as the company continues to grow and prosper," Gallogly said.

The six-member management committee is comprised of:

-James L. Gallogly, CEO and chairman of the management committee
-Craig B. Glidden, executive vice president and chief legal officer
-Karyn F. Ovelmen, executive vice president and chief financial officer
-Bhavesh V. Patel, executivevice president – O&P - EAI and Technology
-Patrick Quarles, senior vice president – Intermediates and Derivatives
-Timothy D. Roberts, executive vice president – O&P – Americas

Members of the management committee will continue in their current operational and functional roles, and will continue to be part of the company's leadership team, which is currently comprised of 13 executives representing a cross-section of the company.

Under LyondellBasell's two-tiered board structure, the management board is responsible for the day-to-day operations of the business and the supervisory board is charged with the oversight of the management board.  Gallogly is currently the sole member of the management board.

LyondellBasell


Must ReadView All

Pakistan govt notifies 50% duty drawback on exports

Textiles | On 21st Oct 2017

Pakistan govt notifies 50% duty drawback on exports

The Pakistan government has notified the ‘Duty Drawback of Taxes...

Ghana sets up task force to clamp down on textile piracy

Textiles | On 21st Oct 2017

Ghana sets up task force to clamp down on textile piracy

Ghana’s ministry of trade and industry has set up a taskforce to...

Courtesy: Coach

Fashion | On 21st Oct 2017

US company Coach to change name to Tapestry from Oct 31

Coach Inc., a New York-based house of modern luxury accessories and...

Interviews View All

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.1%
No
12.9%
Skip
10.0%

Total Votes: 70

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.4%
No
28.6%
Skip
10.0%

Total Votes: 70

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
85.7%
No
10.0%
Skip
4.3%

Total Votes: 70

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
75.7%
No
11.4%
Skip
12.9%

Total Votes: 70


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search