LyondellBasell Industries Announces CFO Retirement and Successor Appointment

LyondellBasell Industries N.V., a global chemical industry leader, disclosed in a recent 8-K filing that Michael McMurray, the current Chief Financial Officer, will be retiring effective March 1, 2025. McMurray’s retirement marks the conclusion of his five-year tenure with the company.

In response to McMurray’s retirement, LyondellBasell’s Board of Directors has appointed Agustin Izquierdo to succeed him as the Executive Vice President and Chief Financial Officer, effective from the same date of March 1, 2025. Prior to this appointment, Izquierdo held the role of Senior Vice President, O&P Americas & Refining within the company.

Agustin Izquierdo, aged 47, joined LyondellBasell in November 2022 as the Vice President of Strategy & Finance for Intermediates & Derivatives, transitioning to the role of Senior Vice President for O&P Americas & Refining in April 2024. Izquierdo brings a wealth of experience, having served in various senior roles at BASF for over a decade before joining LyondellBasell.

There are no known arrangements or relationships influencing the selection of Izquierdo as the new CFO. Additionally, no familial ties exist between Izquierdo and any company director or executive officer, and he holds no direct or indirect material interests in any disclosed transactions.

Regarding compensation terms, a letter agreement has been reached between LyondellBasell and McMurray to outline specific terms post-retirement. This includes the continuation of McMurray’s current base salary, bonus structures, and participation in benefit programs until his retirement in March 2026. As for Izquierdo, his employment terms are detailed in an Appointment Letter, stipulating a base salary of $650,000 from March 1, 2025, alongside participation in various compensation and benefit plans suitable for executive roles.

The documents detailing the compensation agreements for both McMurray and Izquierdo are available as Exhibits 10.1 and 10.2 in the Form 8-K filing. Additionally, a press release has been attached to the filing to formally announce these executive changes.

As part of the succession plan, McMurray is expected to transition into an advisory role within the company following his retirement, while Izquierdo prepares to take over the role of Chief Financial Officer. These strategic changes aim to ensure a smooth transition in leadership and continue the company’s success trajectory.

LyondellBasell, known for its contributions to sustainable living through innovative chemical solutions, acknowledges McMurray’s strategic leadership and expresses confidence in Izquierdo’s abilities to further drive the company’s performance and strategic initiatives.

For further information about LyondellBasell’s activities and developments, interested parties can visit their official website: www.LyondellBasell.com or follow their updates on LinkedIn via @LyondellBasell.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read LyondellBasell Industries’s 8K filing here.

LyondellBasell Industries Company Profile

LyondellBasell Industries N.V. operates as a chemical company in the United States, Germany, Mexico, Italy, Poland, France, Japan, China, the Netherlands, and internationally. The company operates in six segments: Olefins and PolyolefinsAmericas; Olefins and PolyolefinsEurope, Asia, International; Intermediates and Derivatives; Advanced Polymer Solutions; Refining; and Technology.