Peter Vanacker

Chief Executive Officer at LyondellBasell Industries

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

Agustin Izquierdo

Executive Vice President and Chief Financial Officer

Dale Friedrichs

Executive Vice President, Operational Excellence and HSE

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

Performance Compensation

Data from FY 2023

Short-Term Incentives (STI)

Metric	Value/Details	Notes
Target Bonus	160% of base salary	Annual incentive target based on company objectives
Company Performance	127% of target	Payout based on business results, value creation, safety, and sustainability
Overall Payout	203% of base salary; $2,946,400	No individual performance component; directly tied to company performance
Grant Date	February 23, 2023	Awards are non-equity; no grant date fair value or stock price provided
Payout Timing	March 2024	STI awards are paid out in the following year
Performance Metrics	Business results, value creation, safety performance, sustainability	Specific weights or thresholds not detailed in provided documents

Long-Term Incentives (LTI)

Component	Grant Date Fair Value	Units Granted	Vesting Schedule	Performance 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 date	Exercise price of $94.65 set at the grant date fair market value