Well that retirement didn't last long.
Less than a week after LyondellBasell Industries announced that CEO Bob Patel would retire at the end of 2021, Standard Industries Holdings announced the 53-year-old will begin as CEO of W.R. Grace & Co. in January.
That Aug. 31 announcement comes just days after Standard said that it would acquire Grace in a deal valued at $7 billion. Grace has two major divisions, materials and catalysts, and has 4,000 employees in 60 countries. It posted $27.8 billion in sales for its last fiscal year.
"Bob has for decades been a visionary leader in the industry, with a record of transforming businesses to achieve robust, sustainable growth," David Winter and David Millstone, co-CEOs of Standard Industries, said in a news release.
"He has proven himself to be the right person to lead Grace's exceptional team and help architect Standard's investment in the advanced materials space. He will be instrumental in taking Grace into its next chapter as we ensure a seamless transition post-close and embark on an ambitious growth strategy," they said.