Borealis CEO Thomas Gangl’s Mandate Terminated by Mutual Agreement

Borealis CEO Thomas Gangl’s Mandate Terminated by Mutual Agreement

(IN BRIEF) The Supervisory Board of Borealis and Thomas Gangl have reached a mutual decision to terminate Gangl’s mandate as CEO of Borealis AG, effective June 30, 2024. Gangl, with a career spanning over two decades at OMV, held key positions before becoming CEO of Borealis in 2021. During his tenure, he focused on advancing Borealis’ sustainability goals and accelerating its transition to a circular economy, marked by strategic decisions such as the sale of the nitrogen business and significant acquisitions. Gangl’s departure marks a transition phase for Borealis, with details about his successor to be announced later.

(PRESS RELEASE) VIENNA, 16-Mar-2024 — /EuropaWire/ — The Supervisory Board of Borealis and Thomas Gangl have come to a mutual agreement regarding a termination of Thomas Gangl’s mandate as CEO of Borealis AG, as well as the related employment contract effective June 30, 2024.

“Thomas Gangl is a seasoned executive with a wealth of experience at OMV, followed by his most recent role as Borealis CEO. I thank him for his valuable contributions to the OMV Group spanning over two decades and wish him all the best for his future endeavors,” said Daniela Vlad, Member of the Executive Board of OMV Aktiengesellschaft and Chairwoman of the Supervisory Board of Borealis AG.

Thomas Gangl started his career at OMV in 1998 as a process engineer before holding various management positions in OMV’s refining business. In 2019, he became a member of the OMV Executive Board as Chief Downstream Operations Officer and oversaw the increase of OMV’s shareholding in Borealis to 75 %. During his tenure, the investment decisions for the electrolysis for green hydrogen and the plant for the production of green biofuels at the Schwechat refinery were taken and OMV’s chemical recycling process ReOil was established.

Thomas was appointed CEO of Borealis in April 2021. He has been instrumental in refining Borealis’ Strategy 2030 with sustainability at its core, and accelerating the company’s transformation towards a circular economy. Key milestones during his tenure included the sale of Borealis’ nitrogen business, the acquisition of Rialti Spa, a polypropylene (PP) compounder of recyclates in Italy, along with the signing of the acquisition of Integra Plastics AD, an advanced mechanical recycling player in Bulgaria. Furthermore, he steered the prolongation of Borealis’ joint venture agreements with Borouge, the successful IPO of Borouge at the ADX, and the final investment decision of the Borouge 4 plant in Ruwais, UAE, which upon completion, will be the world’s largest single-site polyolefin complex.

Details about Thomas Gangl’s successor will be announced at a later stage.

About Borealis
Borealis is one of the world’s leading providers of advanced and sustainable polyolefin solutions. In Europe, Borealis is also an innovative leader in polyolefins recycling and a major producer of base chemicals. We leverage our polymer expertise and decades of experience to offer value-adding, innovative and circular material solutions for key industries such as consumer products, energy, healthcare, infrastructure and mobility.

With operations in over 120 countries and head offices in Vienna, Austria, Borealis employs around 6,000 people. In 2022, we generated a net profit of EUR 2.1 billion. OMV, the Austria-based international energy, fuels & feedstock and chemicals & materials company, owns 75% of our shares. The Abu Dhabi National Oil Company (ADNOC), based in the United Arab Emirates (UAE), owns the remaining 25%.

In re-inventing essentials for sustainable living, we build on our commitment to safety, our people, innovation and technology, and performance excellence. We are accelerating the transformation to a circular economy of polyolefins and expanding our geographical footprint to better serve our customers around the globe. Our operations are augmented by two important joint ventures: Borouge (with ADNOC, headquartered in the UAE); and Baystar™ (with TotalEnergies, based in the US).
www.borealisgroup.com | www.borealiseverminds.com

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SOURCE: Borealis AG