OMV AG Chairman and Chief Executive Officer Alfred Stern has decided to see his current term until August 31, 2026, out and not make himself available for reappointment.
Stern has been the CEO of OMV Group since September 1, 2021, and also serves as Chairman of the Supervisory Boards of OMV Petrom and Borealis, and a member of the Board of Directors at Air Products and Chemicals, OMV said in a press release.
“As CEO, Alfred Stern initiated the most extensive transformation in OMV’s corporate history. During his current term, he has pursued this path with consistency and remarkable success, achieving a series of historic milestones. I deeply regret his personal decision”, Lutz Feldmann, Chairman of the Supervisory Board of OMV, said. “With Alfred Stern, we are losing a CEO who has positioned the OMV Group for the future with a clear, forward-looking vision”.
“Together with my Executive Board colleagues and our employees, we are pursuing the shared goal of reinventing essentials for sustainable living – always with a focus on our customers and their security of supply. Our transformation is on track, and we have reached significant milestones that enable long-term economic success and sustainable growth. I thank the Supervisory Board for their trust and the opportunity to lead OMV into a new era”, Stern said.
OMV said that under Stern’s leadership, it has taken decisive steps to become an integrated company for sustainable chemicals, fuels, and energy, with a focus on innovative solutions in the circular economy. Amid a fluctuating geopolitical landscape, Stern effectively advanced the company’s strategic transformation and set the stage for future developments, OMV said.
Stern played an important role in executing the significant deal with Borouge Group International, in equal partnership with ADNOC. The formation of a global polyolefin company, with an estimated enterprise value of USD 60 billion, represents a significant advancement in OMV’s chemicals strategy and offers an appealing growth opportunity for the future, the company said.
Other significant achievements under Stern include OMV’s effective handling of the energy crisis by fully diversifying its gas portfolio and eliminating dependence on single sources; the investment in Neptun Deep in Romania, which is Europe’s largest natural gas development initiative; as well as the successful progress of key innovation projects such as ReOil (chemical recycling), the “deeep” joint venture (geothermal energy), and sustainable aviation fuel (SAF), the company said.
To contact the author, email andreson.n.paul@gmail.com
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