RTTNews | Dec 13, 2021 07:55AM EST

07:54 Monday, December 13, 2021 (RTTNews.com) - LyondellBasell (LYB) announced Monday that the Board of Directors has appointed Peter Vanacker, President and CEO of Neste Corp., as its new Chief Executive Officer. Vanacker succeeds Bhavesh "Bob" Patel, who will retire from the Company on December 31, 2021, as previously announced.

Vanacker will assume his role no later than June 2022, upon satisfaction of the notice period under his current employment agreement, at which time he will also join the Company's Board of Directors.

The Board also announced that Kenneth Lane, executive vice president, Global Olefins & Polyolefins (O&P) for LyondellBasell, will serve as interim CEO during the transition period, upon Patel's retirement.

Vanacker brings more than 30 years of industry experience to his new role, including serving as President and CEO of Neste, an industry-leading renewable products company.

Prior to that role, Vanacker was CEO and Managing Director of the CABB Group and was CEO and Managing Director of Treofan Group. He previously had a succession of roles at Bayer AG. During his tenure with Bayer, Peter worked across various subsidiaries, including in Belgium, Brazil, Germany and the United States.

Lane joined LyondellBasell in July 2019. Prior to joining LyondellBasell, Lane held a variety of positions with BASF, including president of the Monomers Division and president of BASF Catalysts. Before BASF, Lane also held a number of positions with BP Chemicals. He will continue to serve in his current role while also acting as interim CEO.

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