ConocoPhillips

(COP) - Get Report

announced Thursday that Jim Gallogly, executive vice president of exploration and production, will leave the oil giant to become CEO of

Lyondell Basell

, whose U.S. division is waiting to emerge from Chapter 11 bankruptcy.

In January, LyondellBasell, a world leader in the manufacture of chemicals and polymers, voluntarily filed to reorganize its U.S. operations and certain European holding companies in order to restructure its debt.

Gallogly, 57, will succeed Volker Trautz, who is retiring. Netherlands-based Lyondell said Gallogly's appointment is subject to the approval of the U.S. bankruptcy court overseeing LyondellBasell's reorganization.

Conoco made three management changes after Gallogly's announcement: Ryan Lance will become senior vice president, exploration and production -- international; Kevin Meyers will be senior vice president, E&P -- Americas; Kevin Mitchell will become vice president, E&P -- strategy, administration and technical services. They will report to John Carrig, president and chief operating officer.

Jim Gallogly

Said Gallogly, "My role will be to harness the initiatives that are currently in motion, and manage the business and operations as we successfully transition out of Chapter 11 near year-end."

"Jim is a highly respected executive in the polymers, chemicals and fuels industries and experienced in successfully navigating the cyclical challenges of these businesses," said Len Blavatnik, chairman of LyondellBasell's supervisory board.

"Jim Gallogly has made significant contributions to the company and this industry for more than 29 years, said Jim Mulva, Conoco chairman and CEO. "His leadership played a major role in the success and growth of the Chevron Phillips Chemical Company and the company's upstream and downstream businesses."

A spokesman for Lyondell said in a story on the

Houston Chronicle's

Web site that it wasn't determined yet whether Gallogly will stay in Houston to run the company from LyondellBasell's offices downtown or move to the company headquarters in Rotterdam, Holland.