The Supervisory Board of Austrian oil and gas company OMV AG, Vienna, on June 1 appointed Alfred Stern, 56, as the new Chairman of the Executive Board and CEO of OMV. Stern will assume the position Sept. 1, 2021, for a three-year period, with an extension option for further two years subject to mutual consent.
Stern is currently OMV Executive Board member for Chemicals & Materials, and was formerly CEO of Vienna-headquartered polyolefins and fertilizers major Borealis AG from 2018 until March 31, 2021 (GM Feb. 5, p. 1). OMV in late October 2020 took majority control of Borealis, upping its stake in the company to 75 percent from the previous 36 percent (GM Nov. 6, 2020).
Current Chairman of the Executive Board and CEO of OMV Rainer Seele will resign from his position in the Executive Board by mutual agreement on Aug. 31, 2021.