LyondellBasell appoints Peter Vanacker as CEO effective no later than June 2022; Ken Lane interim CEO

LyondellBasell Industries N.V.

Peter Vanacker, formerly Neste CEO, appointed CEO of LyondellBasell; effective no later than June 2022.
Ken Lane (EVP Global Olefins & Polyolefins) named interim CEO from Jan 1, 2022; base salary raised to $1.2M, STI target 150%.
Vanacker's base salary $1.4M; STI target 150% of base; LTI target $10M (50% PSUs, 25% RSUs, 25% options).
One-time new hire awards: $1.9M cash (subject to repayment) and $2.3M RSU award vesting over two years.
Executive Severance Plan amended to extend CEO eligibility; provides 1.5x salary+bonus on termination without cause.

item 5.02 item 9.01

Executive movements

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Departed

Bob Patel

Chief Executive Officer

LYB · LyondellBasell Industries N.V.

Successor: Peter E.V. Vanacker
Filed: December 13, 2021, 6:59 PM ET

the vacancy created by Mr. Bob Patel’s retirement

Appointed

Peter E.V. Vanacker

Director

LYB · LyondellBasell Industries N.V.

Filed: December 13, 2021, 6:59 PM ET

the Board has also appointed Mr. Vanacker to serve on the Board of Directors to fill the vacancy created by Mr. Bob Patel’s retirement

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Bob Patel retired as Chief Executive Officer at LyondellBasell Industries N.V..

Action: retired
Role: Chief Executive Officer

Exact text from the filing

the vacancy created by Mr. Bob Patel’s retirement

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Peter E.V. Vanacker was appointed as Director at LyondellBasell Industries N.V..

Action: appointed
Role: Director

Exact text from the filing

the Board has also appointed Mr. Vanacker to serve on the Board of Directors to fill the vacancy created by Mr. Bob Patel’s retirement

View on SEC.gov

LyondellBasell Industries N.V. filing history →

Source: SEC EDGAR

accession 0001104659-21-148833

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