HOUSTON and LONDON, Sept. 13, 2013 /PRNewswire/ -- LyondellBasell (NYSE: LYB) today announced that it has entered into a new contract with CEO James L. Gallogly and taken other steps to ensure continued strong leadership and executive continuity at the company.
"The company has been transformed in recent years under the talented leadership team that Jim has assembled and led," said Robert G. Gwin, chairman of the supervisory board. "The company emerged from bankruptcy in May 2010 and is now a member of the S&P 500 with an investment-grade credit rating. It has advanced every facet of its business goals, including safe and reliable operations, strict cost control, asset refurbishments and a significant capital growth program," Gwin said. Total shareholder return over this period, assuming dividends were reinvested into the stock, has been approximately 400 percent.
Gallogly's new contract will become effective May 14, 2014. Gallogly's original employment agreement was entered into in May 2009 when he joined the company during its bankruptcy proceedings and tied most of his realizable compensation to equity awards. Those awards, pursuant to their original terms, will largely be fully vested in May 2014. In order to provide continuity of management and to ensure continued pay-for-performance, the supervisory board determined that a new agreement with Gallogly was in the best interest of the company and its stakeholders. The majority of Gallogly's potential compensation under the new agreement will be tied to company performance and the creation of shareholder value.
In recognition of the contributions of the executive team to the success of the company, LyondellBasell also announced the promotion of two senior executives to executive vice president and the formation of a six-member management committee.
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