Bob Patel will retire as CEO of petrochemicals leader LyondellBasell Industries on Dec. 31.
Patel, 53, will continue to lead the firm until that time and "will ensure a smooth and orderly transition for his successor," officials with Houson-based LyondellBasell said in an Aug. 25 news release.
Patel also will resign from the firm's board of directors on Dec. 31. He joined LyondellBasell in 2010 and has served as CEO since 2015. Prior to that, he had spent 20 years with ChevronPhillips Chemical Co. and its predecessor businesses.
In the release, Patel said that he was "excited about the future" for LyondellBasell.
"We have built a strong operational foundation, achieved significant growth, and continue to have a favorable outlook," he added. "After almost 12 years at the company, the time has come for me to move to the next chapter of my career, and my decision is made easier given the strength of the company and the highly experienced, capable leadership team that is in place."
Board Chair Jacques Aigrain said that, under Patel's leadership, LyondellBasell "has successfully expanded our global portfolio, increased our earnings power, delivered strong cash flows and consistently raised our quarterly dividend."
"The board is grateful for Bob's exceptional contributions and knows the company will continue to benefit from the value-driven growth investments made under his leadership," he added. "We are extremely proud of his commitment to driving sustainability at LyondellBasell, where we have set an ambitious goal to produce and market 2 million metric tons of recycled and renewable-based polymers by 2030."
With Patel as CEO, LyondellBasell grew through its acquisition of compounder A. Schulman, the construction of world-scale manufacturing plants in the U.S. Gulf Coast and the establishment of new or expanded joint ventures in the U.S., China, South Korea and Thailand.
LyondellBasell was named to Fortune magazine's "World's Most Admired Companies" list for four consecutive years beginning in 2018 and to Newsweek magazine's list of "Most Responsible Companies" for 2021.
LyondellBasell ranks as a global leader in production of polyethylene and polypropylene resins and as North America's largest plastics compounder. Like many firms, LyondellBasell struggled in 2020 because of the impact of the COVID-19 pandemic, but has recovered so far in 2021. The firm's first-half sales were up 58 percent to $20.6 billion vs. the same period in 2020.
LyondellBasell's per-share stock price was near $102.50 in early trading Aug. 25, up about 15 percent since Jan. 1.