MOVES: LyondellBasell CEO Bob Patel to retire at end of 2021

LONDON (ICIS)–LyondellBasell CEO Bob Patel will retire at the end of 2021, the major US producer announced on Wednesday.

Patel will continue as head of the company and in his role on the company’s board of directors until 31 December to ensure a smooth transition for his successor.

The board of directors has established a sub-committee to find a new CEO and will consider internal and external candidates.

Initially joining LyondellBasell in 2010, Patel was appointed CEO in January 2015, overseeing the acquisition of A Schulman, the construction of world-scale plants in the US Gulf Coast and new or expanded joint ventures in the US, China, South 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,” said LyondellBasell board chairman Jacques Aigrain.

“We are extremely proud of his commitment to driving sustainability at LyondellBasell, where we have set an ambitious goal to produce and market 2m tonnes of recycled and renewable-based polymers by 2030.”

During Patel’s tenure LyondellBasell became a founding member of the Alliance to End Plastic Waste, an industry-led non-governmental organisation formed in January 2019 to tackle environmental pollution.

Patel is the only double recipient of the ICIS Kavaler Award, winning the consecutively in 2018 and 2019.

“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,” said Patel.