Taking steps to ensure "continued strong leadership and executive continuity", Dutch petrochemicals major LyondellBasell (LBI, Rotterdam; www.lyondellbasell.com) has entered into a new contract with CEO James L. Gallogly.

"The company has been transformed in recent years under the talented leadership team that Jim has assembled and led," said Robert G. Gwin, chairman of the supervisory board, based at the company's Houston / Texas location. Gallogly's new contract goes into effect 14 May 2014. His original agreement began in May 2009 when he joined the company during its bankruptcy proceedings and tied most of his realisable compensation to equity awards.

In other steps, LyondellBasell has also promoted two senior executives to executive vice president and announced the formation of a six-member management committee. Bhavesh V. (Bob) Patel is new senior vice president of Olefins and Polyolefins (O&P) – Europe, Asia, International and Technology; Timothy D. Roberts is new senior vice president of Olefins and Polyolefins (O&P) – Americas. They will assume responsibility for manufacturing operations in their respective regions and their new roles are effective as of 1 October 2014.