LyondellBasell Announces Retirement of CEO
LyondellBasell announced that Chief Executive Officer James L. Gallogly will retire from the company in early 2015. Gallogly will continue to serve as CEO and chairman of the LyondellBasell management board in the interim to ensure an orderly transition pending the selection of his replacement. The LyondellBasell supervisory board of directors has formed a committee to choose Gallogly's successor.
"Under Jim's leadership, LyondellBasell successfully emerged from bankruptcy in record time and today is an industry leader with a very strong balance sheet and strategically positioned manufacturing facilities," said Robert G. Gwin, chairman of the LyondellBasell supervisory board.
"There is never a perfect time to leave a company with as much promise as LyondellBasell, but this is the right time for me," Gallogly said. "Having achieved the goals that I set for myself professionally and for the company, I feel it's time to move on to the next chapter, putting a priority on my family and philanthropic efforts. The company is at a point where the successful strategies and strong leadership team we have in place are poised to take full advantage of the favorable industry conditions that are expected for the foreseeable future. I truly believe the company's best days lie ahead."
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