Austria's OMV Names New CEO

Copyright © 2023 Energy Intelligence Group All rights reserved. Unauthorized access or electronic forwarding, even for internal use, is prohibited.

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.

Corporate Strategy
Wanda Ad #2 (article footer)
The Net-Zero Insurance Alliance (NZIA) is down a third of its members in the face of antitrust threats from a coalition of Republican state attorneys general in the US.
Fri, May 26, 2023
A refinery in Toledo, Ohio that shut down following a fatal fire that killed two brothers last year is back up and running, adding pressure to oil markets in the US Midcontinent.
Fri, May 26, 2023
With gas pipeline constraints making an increase in flaring inevitable, reputation-minded E&Ps are expected to take steps to mitigate the impact.
Fri, May 26, 2023