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MOSCOW (MRC) -- LyondellBasell
announced that it has entered into a new contract with CEO James L. Gallogly and
taken other steps to ensure continued strong leadership and executive continuity
at the company.
"The company has been transformed in recent years under the talented
leadership team that Jim has assembled and led," said Robert G. Gwin, chairman
of the supervisory board. "The company emerged from bankruptcy in May 2010 and
is now a member of the S&P 500 with an investment-grade credit rating.
It has advanced every facet of its business goals, including safe and reliable
operations, strict cost control, asset refurbishments and a significant capital
growth program," Gwin said. Total shareholder return over this period,
assuming dividends were reinvested into the stock, has been approximately 400
percent.
Gallogly"s new contract will become effective May 14, 2014. Gallogly"s
original employment agreement was entered into in May 2009 when he joined the
company during its bankruptcy proceedings and tied most of his realizable
compensation to equity awards.
LyondellBasell is one of the world"s
largest plastics, chemical and refining companies and a member of the S&P
500. LyondellBasell manufactures products at 58 sites in 18 countries.
LyondellBasell products and technologies are used to make items that improve the
quality of life for people around the world including packaging, electronics,
automotive parts, home furnishings, construction materials and
biofuels.
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