Save for later Print Download Share LinkedIn Twitter Austria's OMV has named Alfred Stern as its new CEO, replacing current boss Rainer Seele as the company continues its shift toward petrochemicals (EIF Jan.13'21). Seele had said in April that he would not extend his contract when it ended in June 2022. Stern, the former CEO of polyolefin producer Borealis, owned by OMV and Abu Dhabi state investor Mubadala, will take over from Sep. 1 for a three-year period, with a further two-year extension option. "OMV stands on the cusp of a major transformation in the direction of chemicals and a circular economy. A transformation in which a large portfolio will need to be managed across a far-reaching value chain -- from the wellhead to the refinery and filling station to high-end chemicals and materials and recycling," said Mark Garrett, chairman of OMV’s supervisory board. Garrett himself was drafted by OMV's supervisory board late last year to oversee the Borealis integration and a broader transformation of OMV amid reports of internal wrangling between management and its anchor shareholders stemming from the price paid for Borealis. The Austrian company is due to deliver a strategy update this summer, detailing its long-term vision, including Borealis.
