LyondellBasell Names Bob Patel as CEO to Succeed GalloglySimon Casey
LyondellBasell Industries NV, the world’s biggest maker of polypropylene plastic, named Bob Patel to succeed James Gallogly as chief executive officer starting Jan. 12.
Patel will also become chairman next month, Rotterdam-based LyondellBasell said today in a statement. Gallogly, 62, announced his retirement in September.
Patel is currently an executive vice president whose responsibilities include running the olefins and polyolefins business outside the U.S., a segment that last year accounted for 33 percent of the company’s sales, according to data compiled by Bloomberg. Before that, he restructured the olefins and polyolefins business in the U.S. as the boom in natural gas produced from shale rock dramatically lowered costs. Patel joined LyondellBasell in 2010 after working at Chevron Phillips Chemical Co.
LyondellBasell has fallen 34 percent from a Sept. 5 peak after the slump in oil prices narrowed the cost advantage it enjoys over competitors that use crude instead of gas as a raw material.