Mark Garrett has stepped down as CEO of global materials firm Borealis AG, and will be replaced by Alfred Stern.
Garrett decided to leave Vienna-based Borealis after 11 years at the helms "to pursue a new career path," officials said in an April 6 news release. The supervisory board "regrets but accepts this decision," they added, recognizing Garrett's "outstanding contribution to Borealis'success.
Stern, the firm's executive vice president responsible for polyolefins innovation, will take over as CEO July 2.
Garrett joined Borealis in 2007, taking over a company in the final stages of a successful "scrap and build" program in Europe, officials said. The 11 years of Garrett's tenure "represented a significant phase of growth and geographic expansion" for the company with both volumes and net profits tripling.
Garrett also oversaw many projects including the Borouge 2 and 3 petrochemical projects that increased Borealis' annual production capacity for polyethylene, polypropylene and related products from 1.3 billion pounds to almost 10 billion pounds.