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    Peter Vanacker

    Chief Executive Officer at LyondellBasell Industries NV
    Since May 23, 2022
    Age
    58 years
    Education
    Holds a Master of Science (MSc) in Chemical Engineering from Ghent University.
    Tenure
    Has served as Chief Executive Officer of LyondellBasell Industries (LYB) since May 2022, joining as CEO and leading key strategic and sustainability initiatives.

    Also at LyondellBasell Industries NV

    AI
    Agustin Izquierdo
    Executive Vice President and Chief Financial Officer
    DF
    Dale Friedrichs
    Executive Vice President, Operational Excellence and HSE
    JS
    James Seward
    Executive Vice President and Chief Innovation Officer

    About

    Peter Vanacker is an experienced executive with a rich background in the oil, gas, and chemicals industries. Known for his commitment to sustainable and strategic business practices, he has overseen transformational initiatives at LYB, driving the company’s growth and focus on innovation. His leadership at LYB has involved refining the company’s strategy to enhance profitability while bolstering environmental stewardship.

    Before his tenure at LYB, he held senior leadership roles at several prominent companies. His distinguished career includes top executive positions at Neste Corporation, CABB Group GmbH, Treofan Group, and Covestro AG, where he delivered measurable value through operational excellence and strategic vision.

    Beyond his executive roles, he extends his expertise to additional responsibilities such as serving on the Supervisory Board at Symrise AG. This multifaceted experience underscores his ability to balance corporate strategy with innovative approaches to market challenges, highlighting a career marked by significant contributions to the global chemicals and energy sectors.

    $LYB Performance Under Peter Vanacker

    Past Roles

    Organization Role Date Range Details
    Neste Corporation President, Chief Executive Officer, and Chair of the Executive Committee 2018 - 2022 Renewable products company
    CABB Group GmbH Chief Executive Officer and Managing Director 2015 - 2018 Fine chemicals industry
    Treofan Group Chief Executive Officer and Managing Director 2012 - 2015 Manufacturer of polypropylene films
    Covestro AG (formerly Bayer Material Science) Executive Vice President and Member of the Executive Board N/A [N/A]Oversaw global polyurethanes business and served as Chief Marketing and Innovation Officer

    External Roles

    Organization Role Date Range Details
    Symrise AG Member of the Supervisory Board Since 2020 Chemicals company specializing in flavors and fragrances

    Fixed Compensation

    Data from  FY 2023
    Component NameAmountPayment ScheduleAdditional Details
    Base Salary$1,450,000 Annual (2023)Base salary for 2023
    Matching 401(k) Contributions$19,800 2023Company matching contribution to 401(k) plan
    Matching Deferral Plan Contributions$121,825 2023Matching contribution to the Deferral Plan
    Relocation Benefits$208,069 2023Relocation payment provided during 2023
    Personal Use of Aircraft$108,502 2023Cost incurred for personal aircraft use in 2023
    Other Compensation$45,170 2023Includes executive physicals, tax filing fees, financial planning allowances, and matching donations

    Performance Compensation

    Data from  FY 2023

    Short-Term Incentives (STI)

    MetricValue/DetailsNotes
    Target Bonus160% of base salary Annual incentive target based on company objectives
    Company Performance127% of target Payout based on business results, value creation, safety, and sustainability
    Overall Payout203% of base salary; $2,946,400 No individual performance component; directly tied to company performance
    Grant DateFebruary 23, 2023 Awards are non-equity; no grant date fair value or stock price provided
    Payout TimingMarch 2024 STI awards are paid out in the following year
    Performance MetricsBusiness results, value creation, safety performance, sustainability Specific weights or thresholds not detailed in provided documents

    Long-Term Incentives (LTI)

    ComponentGrant Date Fair ValueUnits GrantedVesting SchedulePerformance Metrics/Conditions
    PSUs$6,307,980 56,422 Settled after the 3-year performance period (Jan 1, 2023 – Dec 31, 2025) Based on Total Shareholder Return (TSR) (top quartile for max, median for target, below 25th percentile for none) and Free Cash Flow per share (max at ≥135% of target; target at 100%; no payout below 75%)
    RSUs$2,670,171 28,211 Cliff vest after 3 years (Feb 23, 2026) Includes cash dividend equivalents during vesting period
    Stock Options$2,664,298 107,129 Ratable vesting over 3 years (1/3 each year starting Feb 23, 2024) ; Expires 10 years from grant dateExercise price of $94.65 set at the grant date fair market value