(BRIEF) The Supervisory Board of Borealis and Thomas Gangl have taken the mutual decision to end Gangl’s term as CEO of Borealis AG, effective June 30, 2024. Gangl, with a career spanning more than two decades at OMV, held key positions prior to Proper 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 resolutions such as the sale of the nitrogen business and primary acquisitions. Gangl’s departure marks a transitional phase. Borealis, and the main points related to its successor will be announced at a later date.
(PRESS RELEASE) VIENNA, March 16, 2024 — /EuropaWire/ — The Supervisory Board of Borealis and Thomas Gangl have reached a mutual agreement regarding the termination of Thomas Gangl’s term of office as CEO of Borealis AG, as well as a similar employment contract. as of June 30, 2024.
“Thomas Gangl is a seasoned executive with a wealth of MVNO experience, following his last role as CEO of Borealis. I thank him for his valuable contributions to the OMV Group for more than two decades and wish him all the best in his long-term endeavors,” said Daniela Vlad, Member of the Board of Management of OMV Aktiengesellschaft and Chairman of the Supervisory Board of Borealis AG.
Thomas Gangl began his career at OMV in 1998 as a Procedures Engineer before moving into control positions in OMV’s refining business. In 2019, he became a member of OMV’s Board of Directors as Director of Downstream Operations and oversaw the increase of its stake in OMV. in Borealis at 75%. During his tenure, investment decisions were made for the green hydrogen electrolysis and green biofuels production plant at the Schwechat refinery and OMV’s ReOil chemical recycling procedure was created.
Thomas was appointed Chief Executive Officer of Borealis in April 2021. He has been instrumental in refining Borealis’ sustainability-focused 2030 strategy and accelerating the company’s transformation towards a circular economy. Key milestones of his tenure include the sale of Borealis’ nitrogen business, the acquisition of Rialti Spa, a manufacturer of recycled polypropylene (PP) products in Italy, as well as the signing of the acquisition of Integra Plastics AD, a complex player in mechanical recycling in Bulgaria. In addition, he led the expansion of the Borealis joint venture. agreements with Borouge, Borouge’s successful initial public offering in ADX and the final investment resolution for the Borouge Four plant in Ruwais, United Arab Emirates, which, when completed, will be the world’s largest single plant.
Details on Thomas Gangel’s successor will be announced at a later date.
With operations in more than 120 countries and a headquarters in Vienna, Austria, Borealis employs approximately 6,000 people. In 2022, we generated a profit of €2. 1 billion. OMV, an Austrian foreign company specializing in energy, fuels, raw materials, chemicals and materials, owns 75% of our shares. The Abu Dhabi National Oil Company (ADNOC), based in the United Arab Emirates (UAE), owns the remaining 25%.
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SOURCE: Boréalis AG
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