- Push-out Score determined
- After seven years in the position
- Accolades, praise and thanks for Patel
- Search for a successor
- Patel said 112 words
(exechange) — Houston, Texas, August 25, 2021 — Bob Patel, chief executive of LyondellBasell, leaves. As announced by LyondellBasell Industries NV in a news release and in a regulatory filing published on Wednesday, August 25, 2021, Bhavesh V. (Bob) Patel, chief executive officer, leaves the plastics, chemicals and refining company, after seven years in the role, effective December 31, 2021.
LyondellBasell will undertake a search for a successor.
“The time has come for me”
Bob Patel’s departure from the CEO post is explained as follows. Patel said: “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.”
Precise information regarding Bob Patel’s future plans was not immediately available.
“Retire”
LyondellBasell said: “Chief Executive Officer Bhavesh V. (Bob) Patel intends to retire from the Company as of December 31, 2021. Mr. 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.”
LyondellBasell further said: “Bhavesh V. (Bob) Patel, Chief Executive Officer and Director of LyondellBasell Industries N.V. (the “Company”), has provided the Company with notice of his intent to retire.”
“Not due to any disagreements”
“Mr. Patel’s resignation is not due to any disagreements with the Company on any matter related to its operations, policies, or practices,” LyondellBasell said.
Share price decline since August 2018
The announcement follows a decline in LyondellBasell Industries NV’s share price of 7% since August 2018.
Chaired by Jacques Aigrain
Jacques Aigrain serves as LyondellBasell Industries NV’s Chairman.
Jacques Aigrain is a former Senior Advisor and Partner at Warburg Pincus LPP, a global private equity firm. He currently serves as a director of the London Stock Exchange Group plc and of WPP plc and is the non-executive Chairman of Acutronic Holding AG.
In the position of CEO since 2015
Bob Patel became CEO of the Company in 2015.
Patel has served as the Company’s Chief Executive Officer since January 2015.
From the time he joined the Company in 2010 until his appointment as CEO, he held the roles of Senior Vice President, Olefins and Polyolefins–Americas and Executive Vice President, Olefins and Polyolefins–Europe, Asia, International & Technology, with additional responsibility for all manufacturing operations outside of the Americas and the Company’s polypropylene compounding business.
Taken together with his prior positions of increasing responsibility at Chevron Corp. and Chevron Phillips Chemical Company, Patel has more than 30 years’ experience in the chemicals, plastics, and refining industries, including extensive leadership experience on a global basis.
Patel serves on the boards of the Houston Branch of the Federal Reserve Bank of Dallas, the Greater Houston Partnership, the Board of Visitors at the University of Texas MD Anderson Cancer Center, and is a member of the Business Council.
He is also on the external advisory council of the College of Engineering at The Ohio State University and the Board of Visitors of the Fox School of Business at Temple University.
Additionally, Patel serves as a director of Halliburton Company and previously served as a director of Union Pacific Corporation.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Bob Patel’s move on a scale of 0 to 10.
exechange reached out to LyondellBasell and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 35.2021 ($).