LyondellBasell: Retirement of CEO Bob Patel
On 25 August 2021, LyondellBasell announced that Chief Executive Officer Bhavesh V. (Bob) Patel intends to retire from the company as of 31 December 2021. 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 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.
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 USA, China, Korea and Thailand. Under his 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.
“I am excited about the future for LyondellBasell. We have built a strong operational foundation, achieved significant growth, and continue to have a favourable outlook,” said Patel. “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. I would like to thank all of our employees around the world, our customers, our shareholders and the Board for their support and partnership throughout my time at LyondellBasell. I look forward to following the company's further successes as an industry leader."