Borealis’ Supervisory Board has announced Executive Vice President, Alfred Stern, as its new CEO.
Stern is currently responsible for the Polyolefin Business and Innovation, and has been appointed as CEO effective July 2, 2018, after Mark Garrett has decided to step down after more than 11 years in the role.
Stern joined Borealis in 2008 as Senior Vice President Innovation and Technology, coming from E.I. DuPont de Nemours where he held several international leadership positions and was promoted to the Executive Board of Borealis in July 2012.
“We are proud that we can appoint an internal candidate as Borealis CEO to ensure a smooth handover and a continuation of the success story of Borealis,” said Rainer Seele, Vice-Chairman of the Supervisory Board and CEO of OMV.
“Alfred has positioned the Borealis polyolefins business in a difficult as well as in a favourable market environment very well and recently shaped the new strategic direction towards the Circular Economy and the endeavours in the area of plastics recycling.”
Alfred Stern
In 2016/2017, current CEO Garrett initiated the next growth phase for Borealis by filling the pipeline with investment projects and joint venture with Total and Nova Chemicals in Texas (USA), the PDH plant in Kallo, Belgium and the further extension of Borouge.
Borealis says the 11 years of Garrett’s tenure represented a significant phase of growth and geographic expansion for the company with both volumes and net profits tripling.
Mark Garrett
H.E. Suhail Mohamed Al Mazrouei, Chairman of Borealis’ Supervisory Board and Minister of Energy & Industry of the United Arab Emirates, said: “Mark has provided continuity and stability, while building a unique and strong business culture with commensurate results. While we reluctantly accept his decision, we understand it and wish him only the best in the future.”
Since 2016, Stern has advanced the strategy re-orientation towards the Circular Economy, focussing on developing solutions to remove barriers to higher recycling rates.