Borealis terminates contracts of CEO Thomas Gangl
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Borealis terminates contracts of CEO Thomas Gangl

The Supervisory Board of Borealis and Thomas Gangl have come to a mutual agreement regarding termination

  • By ICN Bureau | March 17, 2024

The Supervisory Board of Borealis and Thomas Gangl have come to a mutual agreement regarding a termination of Thomas Gangl’s mandate as CEO of Borealis AG, as well as the related employment contract effective June 30, 2024.

“Thomas Gangl is a seasoned executive with a wealth of experience at OMV, followed by his most recent role as Borealis CEO. I thank him for his valuable contributions to the OMV Group spanning over two decades and wish him all the best for his future endeavors,” said Daniela Vlad, Member of the Executive Board of OMV Aktiengesellschaft and Chairwoman of the Supervisory Board of Borealis AG.

Thomas Gangl started his career at OMV in 1998 as a process engineer before holding various management positions in OMV's refining business. In 2019, he became a member of the OMV Executive Board as Chief Downstream Operations Officer and oversaw the increase of OMV's shareholding in Borealis to 75 %. During his tenure, the investment decisions for the electrolysis for green hydrogen and the plant for the production of green biofuels at the Schwechat refinery were taken and OMV's chemical recycling process ReOil was established.

Thomas was appointed CEO of Borealis in April 2021. He has been instrumental in refining Borealis’ Strategy 2030 with sustainability at its core, and accelerating the company’s transformation towards a circular economy. Key milestones during his tenure included the sale of Borealis’ nitrogen business, the acquisition of Rialti Spa, a polypropylene (PP) compounder of recyclates in Italy, along with the signing of the acquisition of Integra Plastics AD, an advanced mechanical recycling player in Bulgaria.

Furthermore, he steered the prolongation of Borealis’ joint venture agreements with Borouge, the successful IPO of Borouge at the ADX, and the final investment decision of the Borouge 4 plant in Ruwais, UAE, which upon completion, will be the world's largest single-site polyolefin complex.

Details about Thomas Gangl’s successor will be announced at a later stage.

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