Patel will take over as CEO of the chemical company on Jan. 12, 2015, and will succeed James Gallogly, who previously announced his plans to retire. Patel currently serves as executive vice president, Olefins and Polyolefins -- Europe, Asia & International and Technology at the company.
"After a rigorous selection process, we chose Bob Patel based on his proven leadership, his outstanding track record, and his numerous contributions to the success of LyondellBasell," supervisory board chairman Robert G. Gwin said in a statement.
TheStreet Ratings team rates LYONDELLBASELL INDUSTRIES NV as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate LYONDELLBASELL INDUSTRIES NV (LYB) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."