LyondellBasell Reaches New Contract With CEO - Quick Facts
(RTTNews.com) - LyondellBasell (LYB) announced Friday that it has entered into a new contract with Chief Executive Officer James Gallogly.
The company noted that Gallogly's new contract will become effective May 14, 2014. Gallogly's original employment agreement was entered into in May 2009 when he joined the company during its bankruptcy proceedings and tied most of his realizable compensation to equity awards. Those awards, pursuant to their original terms, will largely be fully vested in May 2014.
The company stated that the majority of Gallogly's potential compensation under the new agreement will be tied to company performance and the creation of shareholder value.
In addition, LyondellBasell also announced the promotion of two senior executives to executive vice president and the formation of a six-member management committee.
The promoted executive vice presidents are Bhavesh Patel, senior vice president of Olefins and Polyolefins or O&P - Europe, Asia, International and Technology; and Timothy Roberts, senior vice president of Olefins and Polyolefins or O&P - Americas. They will assume responsibility for manufacturing operations in their respective regions. The promotions will be effective on October 1.
The six-member management committee is comprised of James Gallogly, CEO and chairman of the management committee; Craig B. Glidden, executive vice president and chief legal officer; Karyn Ovelmen, executive vice president and chief financial officer; Bhavesh V. Patel, executive vice president - O&P - EAI and Technology; Patrick Quarles, senior vice president - Intermediates and Derivatives; and Timothy Roberts, executive vice president - O&P - Americas.
Under LyondellBasell's two-tiered board structure, the management board is responsible for the day-to-day operations of the business and the supervisory board is charged with the oversight of the management board, the company noted.
At the company's annual general meeting in May 2014 it is anticipated that shareholders will be asked to vote in favor of expanding the management board to include the management committee members.
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