LyondellBasell appoints Peter Vanacker as new CEO

Peter Vanacker. Photo Credit: LyondellBasell

Chemical maker LyondellBasell has appointed Peter Vanacker, the president and CEO of renewables company Neste Corp., as its new CEO.

Vanacker succeeds Bhavesh V. “Bob” Patel, who will retire from the company on Dec. 31, 2021, as previously announced.

In a Dec. 13 news release, officials with Houston-based LyondellBasell said that Vanacker will assume his role no later than June 2022, at which time he will also join the company’s Board of Directors.

Ken Lane, currently LyondellBasell’s executive vice president, global olefins & polyolefins (O&P), will serve as interim CEO upon Patel’s retirement.

“Peter’s outstanding leadership and industry experience made him the Board’s choice in an exceptional field of candidates who were considered as part of the comprehensive search process,” said Jacques Aigrain, LyondellBasell Board chair. “The Board is confident that his success in delivering value to shareholders, along with his strategic and forward-thinking mindset, will serve the company well as we continue to drive growth and advance our climate and circularity goals.”

In addition to his leadership role at Neste, Vanacker has also served as CEO and managing director of the CABB Group, a company involved in the fine chemicals global market; CEO and managing director of Treofan Group, a company involved in the polypropylene films business; and has held a succession of roles at Bayer AG.

“I am thrilled to join LyondellBasell at such an exciting time for the company,” Vanacker said. “I have long admired it as an industry leader in technology, product innovation and, more recently, circularity. Pulling from my own experiences, I will strive to build on the company’s momentum and work to continue offering great value to shareholders while advancing the company’s sustainability goals. I look forward to joining this strong leadership team, engaging with its devoted employees, and moving the company forward, together.”