Braskem named Roberto Bischoff as its new CEO, succeeding current top executive Roberto Simoes effective January 1, pending board approval.

Bischoff was nominated by controlling shareholder Novonor, the Brazilian construction and engineering company formerly known as Odebrecht; Petrobras (PBR) also owns a large stake in Braskem.

He is currently the CEO of oil and gas firm Ocyan, also controlled by Novonor, and had worked at Braskem (BAK) for 40 years until 2019.

Simoes served as Braskem's (BAK) CEO for three years.