OMV changes corporate structure and appoints new Executive Board member
- OMV establishes new business division Chemicals & Materials
- Alfred Stern appointed as Executive Board member for Chemicals & Materials
The Supervisory Board of OMV Aktiengesellschaft has approved a reorganization of the OMV Group involving splitting and expanding the current area of Refining & Petrochemical Operations into two areas: Refining and Chemicals & Materials. This structural change facilitates the forward integration in the chemicals sector that has been underway ever since OMV acquired a majority stake in Borealis. With this change, OMV is consistently positioned across the entirety of its expanded value chain and can bundle all relevant responsibilities for petrochemicals and chemicals in a single board division.
In addition, the OMV Supervisory Board has appointed Alfred Stern (56) as Executive Board member for Chemicals & Materials.
The changes will take effect as of April 1, 2021.
Mark Garrett, Chairman of the Supervisory Board of OMV: “The new corporate structure will significantly expedite the integration of Borealis into the OMV Group and the expansion of the chemicals business. I am delighted that we have managed to bring on board Alfred Stern to the OMV Executive Board, a manager with a wealth of international experience in the chemicals industry. Over the past years, he and his team has not only achieved an excellent positioning for Borealis’ polyolefin business but evolved the company in the direction of a circular economy.”
Alfred Stern CV
Alfred Stern was born in Styria in 1965, he is married and father of two children.
|Since 2018:||Chief Executive Officer Borealis AG|
|2012 – 2018:||Borealis, Executive Vice President Polyolefins and Innovation & Technology|
|2008 – 2012:||Borealis, Senior Vice President Innovation & Technology|
|1996 – 2008:||E.I. DuPont de Nemours International, several leadership positions in Switzerland, Germany and the United States.|
1995 University of Leoben, Polymer Engineering (PhD)
1990 University of Leoben, Material Science (Master)
OMV produces and markets oil and gas, innovative energy and high-end petrochemical solutions – in a responsible way. With Group sales of EUR 23 bn and a workforce of around 20,000 employees in 2019, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV has a strong base in Central and Eastern Europe as well as a balanced international portfolio, with Middle East & Africa, the North Sea, Russia and Asia-Pacific as further core regions. Daily average production was 487,000 boe/d in 2019. In Downstream, OMV operates three refineries in Europe and owns a 15% share in ADNOC Refining and Trading JV, with a total annual processing capacity of 24.9 mn tons. Furthermore, OMV has a 75% participation in Borealis, one of the world’s leading producers of polyolefins. The Company operates about 2,100 filling stations in ten European countries. OMV runs gas storage facilities in Austria and Germany. In 2019, gas sales volumes amounted to around 137 TWh. Sustainability is an integral part of OMV’s corporate strategy. OMV supports the transition to a lower-carbon economy and has set measurable targets for reducing carbon intensity and introducing new energy and petrochemical solutions.