LyondellBasell CEO Bob Patel to retire at end of 2021
Patel joined LyondellBasell in 2010, was appointed CEO in 2015, and oversaw a series of strategic global investments.
Bhavesh V. (Bob) Patel, CEO of Houston-based chemical supplier LyondellBasell Industries, will retire on Dec. 31.
Patel, 53, will continue to lead the firm until that time and “will ensure a smooth and orderly transition for his successor,” company officials said in an Aug. 25 news release.
Patel will also resign from the company’s board of directors on Dec. 31.
The news release also said the board has established a sub-committee that will oversee the search for a new CEO “and will consider both internal and external candidates.”
“Under Bob’s leadership, LyondellBasell has successfully expanded our global portfolio, increased our earnings power, delivered strong cash flows and consistently raised our quarterly dividend,” said Jacques Aigrain, board chair. “We are extremely proud of his commitment to driving sustainability at LyondellBasell, where we have set an ambitious goal to produce and market two million metric tons of recycled and renewable-based polymers by 2030. Bob’s leadership in this area is exemplified by the company’s actions as a founding member of the Alliance to End Plastic Waste, an organization which helps address plastic waste in the environment.”
Patel joined LyondellBasell in March 2010 and was appointed CEO in January 2015. Since that time, the news release said, the firm has grown through a series of strategic global investments, including the acquisition of A. Schulman, the construction of manufacturing plants in the U.S. Gulf Coast, and the establishment of new or expanded joint ventures in the U.S., China, Korea and Thailand.
“We have built a strong operational foundation, achieved significant growth, and continue to have a favorable outlook,” 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.”