LyondellBasell Announces Organizational Changes

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LyondellBasell (NYSE: LYB) announced organizational changes effective October 1, 2022, aimed at enhancing asset value and focusing on circular and low-carbon solutions. New executives include Kimberly Foley and Kenneth Lane, overseeing refining and olefins respectively. The restructured organization will centralize global manufacturing operations, with results from the Circular and Low Carbon Solutions reported within the Olefins and Polyolefins segment. CEO Peter Vanacker emphasized a commitment to operational excellence and sustainability to meet market demands.

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Creation of a new Circular and Low Carbon Solutions business unit to enhance growth and accountability.
Aligning business strategy with execution for improved operational effectiveness.
Continued focus on sustainability and customer service.

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09/27/2022 - 08:00 AM

HOUSTON and LONDON, Sept. 27, 2022 /PRNewswire/ -- LyondellBasell (NYSE: LYB) today announces organizational changes to increase value from existing assets and targeted growth opportunities while accelerating the development of our circular and low carbon solutions to meet increasing market demand. The changes, effective October 1, 2022, signify the deliberate steps LyondellBasell is taking in the company's evolution.

The Company's business unit executive officers will be as follows:

Kimberly Foley, Executive Vice President, Refining, Intermediates and Derivatives
Kenneth Lane, Executive Vice President, Olefins and Polyolefins (O&P)
Torkel Rhenman, Executive Vice President, Advanced Polymer Solutions
James Seward, Executive Vice President and Chief Innovation Officer
Yvonne van der Laan, Executive Vice President, Circular and Low Carbon Solutions

To align business strategy with execution, business units will now have global responsibility for manufacturing operations. Circular and Low Carbon Solutions business results will be reported in the O&P segment.

In addition, the following leaders will be the executive officers for the various central functions within the organization:

Tracey Campbell, Executive Vice President, Sustainability and Corporate Affairs
Dale Friedrichs, Executive Vice President, Operational Excellence and HSE
A new Executive Vice President, People and Culture will be the subject of a future announcement and this team will continue to be led by Friedrichs during the interim period

Michael McMurray and Jeffrey Kaplan will continue as Executive Vice President and Chief Financial Officer and Executive Vice President and General Counsel, respectively.

"I am very pleased to have these passionate and experienced leaders as my executive team to drive LyondellBasell to be the best operator and to make us an even stronger, more sustainable and customer-focused company," said Peter Vanacker, LyondellBasell CEO. "By leveraging the collective strengths of this team, I am confident we will capture both near and long-term opportunities. Our future-focused mindset will enable us to safely and successfully deliver on our goals, provide best-in-class customer service, advance our sustainability commitments, and create a workplace and culture that drives innovation."

Creating a new Circular and Low Carbon Solutions business unit will provide clear accountability, and enables LyondellBasell to have a differentiated operating model. With an entrepreneurial mindset, this business unit will focus on growth of our Circulen renewable and circular solutions, and accelerate the development of scalable sustainable and circular technologies.

James Guilfoyle will relocate to Rotterdam and assume the role of Senior Vice President O&P Europe, Africa, Middle East and India (EAMEI).

This realigned organization will create line of sight accountability within each business, elevate focus on operational excellence and accelerate progress in circularity and sustainability, while advancing employee engagement and culture to increase value for all stakeholders.

About LyondellBasell

As a leader in the global chemical industry, LyondellBasell strives every day to be the safest, best operated and most valued company in our industry. The company's products, materials and technologies are advancing sustainable solutions for food safety, access to clean water, healthcare and fuel efficiency in more than 100 international markets. LyondellBasell places high priority on diversity, equity and inclusion and is Advancing Good with an emphasis on our planet, the communities where we operate and our future workforce. The company takes great pride in its world-class technology and customer focus. LyondellBasell has stepped up its circularity and climate ambitions and actions to address the global challenges of plastic waste and decarbonization. In 2022, LyondellBasell was named as one of FORTUNE Magazine's "World's Most Admired Companies" for the fifth consecutive year. For more information, please visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.