LyondellBasell appoints a new CEO

The Board of Directors of LyondellBasell has appointed Peter Vanacker, President and CEO of Neste Corporation, as its new Chief Executive Officer. Vanacker succeeds Bhavesh V. Patel, who will retire from the company on December 31, 2021, as previously announced.

Vanacker will assume his role no later than June 2022, upon satisfaction of the notice period under his current employment agreement, at which time he will also join the company's Board of Directors. The Board also announced that Kenneth Lane, executive vice president, Global Olefins & Polyolefins for LyondellBasell, will serve as interim CEO upon Patel's retirement.

Vanacker brings more than 30 years of industry experience to his new role, including serving as President and CEO of Neste. Prior to that role, he was CEO and Managing Director of the Cabb Group and CEO and Managing Director of Treofan Group. He previously had a succession of roles at Bayer, including as EVP and Head of the Global Polyurethanes business and member of the Executive Committee of Bayer Material Science, now Covestro. During his tenure with Bayer, he worked across various subsidiaries, including in Belgium, Brazil, Germany and the United States. He is the Chair of the Advisory Board for the European Institute for Industrial Leadership and a member of the Supervisory Board of Symrise.

"I am thrilled to join LyondellBasell at such an exciting time for the Company," said Vanacker. "I have long admired it as an industry leader in technology, product innovation and, more recently, circularity. Pulling from my own experiences, I will strive to build on the Company's momentum and work to continue offering great value to shareholders while advancing the Company's sustainability goals. I look forward to joining this strong leadership team, engaging with its devoted employees, and moving the Company forward, together."