LyondellBasell CEO Gallogly receives ICIS Kavaler award

By Will Beacham

NEW YORK (ICIS)–LyondellBasell CEO Jim Gallogly has been presented with the ICIS Kavaler award, sponsored by The Chemists’ Club and in association with The Valence Group, as a tribute to his leadership and the company’s outstanding performance.

The award – voted on by his peers in the ICIS Top 40 Power Players listing – was presented by ICIS and The Chemists’ Club at a black-tie dinner ceremony on 30 September at the Metropolitan Club of New York.

“On the first day I arrived at LyondellBasell I said ‘I’ve come to help you build the number one chemical company in the world.’ It seemed impossible but now it’s almost a reality,” said Gallogly during the New York dinner.

He added that no other company has gone from bankruptcy to investment grade in such a short time.

“We’ve kept our costs low and used the money to make significant investments,” said Gallogly.

Under Gallogly’s leadership, the company emerged from bankruptcy protection in 2010  and saw its stock rise by more than 300%. It is undertaking a series of debottlenecking investments to take advantage of US shale gas-derived ethane.

“Few have capitalized on the US shale gas boom better than LyondellBasell. Led by Mr. Gallogly, the company has established and maintained a solid financial footing for many years to come,” said Joseph Chang, global editor of ICIS Chemical Business.

“LyondellBasell has significantly boosted value by returning profits to shareholders through dividends and stock buybacks – all while making smart investments in key expansion projects that will raise cost advantaged capacity without massive capital outlays,” he added.

Gallogly joined LyondellBasell in May 2009 from ConocoPhillips, where he was vice president of exploration and production. From 2000-2006, he was CEO of Chevron Phillips Chemical.

He joined LyondellBasell while it was still operating under Chapter 11 bankruptcy protection. The company filed for bankruptcy protection in January 2009, in the midst of the global financial crisis.

Under Gallogly, the company emerged from bankruptcy protection 16 months later in April 2010.

On 14 October 2010, the company’s shares began trading on the New York Stock Exchange (NYSE). They closed the day at $27.03/share. On 29 September 2014, LyondellBasell closed at $113.41/share.

In the award selection process, ICIS and The Chemists’ Club invited each of the ICIS Top 40 Power Players for 2013 to vote for three individuals in a ballot, based on newsworthy achievements in one or more of the following categories: profitability/shareholder value, mergers and acquisitions (deals or integration), projects/capital investment and innovation – technology, product, business process with an impact on industry and society.

On 29 September, LyondellBasell announced Gallogly’s planned retirement in early 2015.

Additional reporting by Al Greenwood