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October 17, 2014

LyondellBasell CEO to retire

NEWS FOCUS -- LYONDELLBASELL CEO GALLOGLY TO RETIRE: LyondellBasell CEO Jim Gallogly will retire from the company in early 2015, after a tenure that saw the company emerge from bankruptcy protection and its stock rise by more than 300%, the company announced on 29 September. He will continue to serve as CEO and chairman of the company's management board in the interim to ensure an orderly transition. LyondellBasell has created a committee to choose a successor. Gallogly joined LyondellBasell in May 2009 from ConocoPhillips, where he was vice president of exploration and production. From 2000-2006, he was CEO of Chevron Phillips Chemical.

Jim Gallogly: "I feel it's time to move on to the next chapter."

Gallogly joined LyondellBasell while it was still operating under Chapter 11 bankruptcy protection. The company filed for bankruptcy protection in January 2009, in the midst of the global financial crisis. Under Gallogly, the company emerged from bankruptcy protection 16 months later in April 2010. By 14 October 2010, the company's shares began trading on the New York Stock Exchange (NYSE) and closed at $27.02. Following its listing, ICIS chose Gallogly as the head of its ICIS Top 40 Power Players in 2011. Meanwhile, the stock continued to rise. On 29 September, it closed at $113.41. Gallogly steered the helm as LyondellBasell and the rest of the U.S. chemical industry dealt with a momentous shift. Before, high feedstock costs had caused many companies to shut down plants and give up on expansion. The advent of shale gas and the resulting cheap feedstocks changed the industry. LyondellBasell undertook several debottlenecking projects, under the rationale that these were the quickest way to bring cost-advantaged product to the market before its competitors could build new plants. "There is never a perfect time to leave a company with as much promise as LyondellBasell, but this is the right time for me," Gallogly said. "Having achieved the goals that I set for myself professionally and for the company, I feel it's time to move on to the next chapter, putting a priority on my family and philanthropic efforts." He added: "The company is at a point where the successful strategies and strong leadership team we have in place are poised to take full advantage of the favourable industry conditions that are expected for the foreseeable future. I truly believe the company's best days lie ahead." On 30 September, Gallogly received the ICIS Kavaler Award, sponsored by The Chemists' Club, at a special event at the Metropolitan Club of New York. Gallogly was chosen as the winner earlier in the year based on a peer vote among the ICIS Top 40 Power Players. ICIS Chemical Business, 06-12 October 2014, p. 9.

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