Lyondellbasell Industries announced that its Supervisory Board has named James L. Gallogly CEO, effective immediately. Gallogly will succeed Volker Trautz who has announced his retirement from the company. The terms of the appointment are subject to the approval of the U.S. bankruptcy court overseeing Lyondellbasell's reorganization plan. "Jim is a highly respected executive in the polymers, chemicals and fuels industries and experienced in successfully navigating the cyclical challenges of these businesses," said Len Blavatnik, Chairman of Lyondellbasell's Supervisory Board. "His impressive record in the industry, combined with years of international experience, makes him the right person to head Lyondellbasell and to fully realize the company's potential," Blavatnik said.
Earlier this year, Lyondellbasell voluntarily filed to reorganize its U.S. operations and certain European holding companies in order to restructure the company's debts and reposition operations for future growth.
Gallogly comes to Lyondellbasell from Conocophillips where he served as executive vice president of exploration & production, and before that as executive vice president of refining, marketing and transportation. Gallogly serves on the board of directors of the American Petroleum Institute and previously served on the boards of the American Chemistry Council, the American Plastics Council and the National Petrochemical and Refiners Association. "I believe in Lyondellbasell's long-term potential, and I have the highest admiration for the people at all levels of the company who have executed well in recent months under extremely challenging conditions. I look forward to working with the leadership team to deliver value to our customers, employees, creditors and investors," Gallogly said.