LyondellBasell appoints Bhavesh V Patel as new CEO

LyondellBasell Industries has appointed Bhavesh V ''Bob'' Patel as chief executive, effective 12 January, succeeding James L Gallogly, who previously announced plans to retire. Patel will also serve as chairman of the management board when he assumes the role of CEO. 

Gallogly had in September announced that he would retire in early 2015 from LyondellBasell.

Patel has most recently been executive vice president of olefins and polyolefins division of LyondellBasell, which has operations in plastics, chemicals and refining as well.

Patel previously worked at Chevron Corp and Chevron Phillips Chemical Co, and joined LyondellBasell in March 2010 as senior vice president of O&P. He was promoted to executive vice president in October 2013 and appointed to the management board in April.

"After a rigorous selection process, we chose Bob Patel based on his proven leadership, his outstanding track record, and his numerous contributions to the success of LyondellBasell," Robert G Gwin, chairman of the company's supervisory board, said.

"The board is grateful to Jim Gallogly for his many accomplishments and his outstanding service to the company and its stakeholders. We are very pleased to announce Bob's appointment as Jim's successor and we have full confidence that he will continue to lead the Company to new heights," Gwin said.

Patel who joined LyondellBasell in March 2010 as senior vice president, O&P - Americas, helped restructure the business to take advantage of the shale gas expansion in the US.  In November 2010, he was named senior vice president, O&P - EAI and Technology.  In that role, he again successfully restructured the business and improved profitability.

In recognition of his contributions, Patel was promoted to executive vice president in October 2013 and given additional responsibility for the company's manufacturing operations outside of the Americas.  As executive vice president, Patel has been responsible for the company's excellent performance in Europe and Asia by streamlining operations, shifting to advantaged feedstocks and operating plants more reliably, according to a company release.

Patel will serve as the chairman of the management board when he assumes the role of CEO in January.  The company's management board is responsible for overall management of the Company and the implementation of corporate strategy.

"I am honored by the Supervisory Board's confidence and thankful for Jim's leadership," said Patel.  "Moving forward, we will build upon the strong foundation Jim has established.  I truly believe our greatest achievements are yet to come and I look forward to the next exciting chapter in LyondellBasell's future," he added.

LyondellBasell is one of the world's largest plastics, chemical and refining companies and a member of the S&P 500 Index. With plants located at more than 55 sites in 18 countries, the company manufactures a host of products used in packaging, electronics, automotive parts, home furnishings, construction materials and biofuels.