MOSCOW (MRC) -- LyondellBasell, the world’s biggest maker of polypropylene plastic, has announced that it has reached an agreement with Karyn F. Ovelmen, executive vice president and chief financial officer, for her separation from the company, as per the company's statement.
Under the agreement, Ovelmen will continue as CFO for up to three months while the company conducts a search for her successor.
The firm Egon Zehnder has been retained to assist with the selection process, which will include internal and external candidates.
In making today's announcement, Chief Executive Officer Bob Patel noted: "Karyn has seen the company through a financial transformation, during which we have improved our balance sheet, obtained investment grade ratings, and instituted a capital deployment plan that has returned significant value to our shareholders. We wish Karyn much success in her future endeavors."
As MRC wrote previously, in July 2014, LyondellBasell delayed the start-up of expanded production at its ethylene plant in La Porte, Tex., until later last year. A mechanical issue with a compressor at the plant was partially to blame for the extended turnaround at La Porte.
LyondellBasell Industries NV is a manufacturing company. The company produces chemicals, fuels, and polymers used for packaging, clean fuels, durable textiles, medical applications, construction materials, and automotive parts. LyondellBasell Industries operates globally and is headquartered in the Netherlands. LyondellBasell is also a leading licensor of polypropylene and polyethylene technologies. The more than 250 polyolefin process licenses granted by LyondellBasell are twice that of any other polyolefin technology licensor.
MRC