Polyolefins producer Borealis (Vienna / Austria; www.borealisgroup.com) is to get a change in leadership. After more than 11 years as the head of the group, CEO Mark Garrett has decided to leave the company to pursue a new career path, Borealis said. On 2 July 2018, his position will be taken over by Alfred Stern, who is currently executive vice president for polyolefins and innovation.

Under Garrett's leadership, Borealis has grown significantly. Since 2007, production volumes have tripled, as have net profits, reaching EUR 1.1 bn – see Plasteurope.com of 16.02.2018. Significant projects completed during Garrett's tenure include the expansion of joint venture Borouge (Ruwais / United Arab Emirates; www.borouge.com) – see Plasteurope.com of 26.08.2016. Garrett regards Borealis' performance during the global financial crisis to be a highlight – as the "whole western petrochemical industry incurred multi-billion dollar losses," while Borealis recorded a net profit of EUR 38m.

Stern has been responsible for the reorientation of the polyolefins business and expansion into new markets. Since 2016, he has grown a strategic re-orientation towards the circular economy.

An important step in the course of this was the takeover and expansion of German plastics recycling company mtm plastics (Niedergebra; www.mtm-plastics.eu) in 2017. Stern joined Borealis in 2008 following his departure from E. I. DuPont de Nemours, and was appointed to the Borealis' executive board in 2012.