Thomas Gangl has been named CEO of global materials firm Borealis AG.
Gangl currently is a board member of Borealis majority owner OMV AG. He replaces Alfred Stern, who had served as Borealis CEO since 2018.
In a news release, officials said that the change follows OMV, a Vienna-based oil and gas firm, becoming majority owner of Borealis, also based in Vienna. That $4.7 billion deal took place in March 2020.
Gangl will assume his new role on April 1. In the release, OMV CEO Rainer Seele, who also serves as Borealis board chairman, said that by appointing Gangl, Borealis "has succeeded in gaining an exceptional manager and expert from among our own ranks to take the helm."
Seele added that in recent years, Gangl "has not only played a significant part in shaping the refining and petrochemicals business in the OMV Group but was also responsible for establishing chemical recycling and thereby laying the foundation for our future circular economy."
Stern now will serve as executive board member for chemicals and materials for OMV. Officials credited him with "successfully leading Borealis' transformation from a virgin polyolefins producer to a leading provider of advanced and circular polyolefin solutions and European market leader in the mechanical recycling of plastics."
OMV now owns 75 percent of Borealis, with Mubadala Investment Co. of Abu Dhabi, United Arab Emirates, owning the remaining 25 percent.
Borealis is a major global supplier of polyethylene and polypropylene. The firm employs 7,500 and posted sales of 6.8 billion euros ($8.2 billion) in 2020.