Mark Garrett has resigned as chief executive officer of global materials company Borealis, and Alfred Stern will take over the position.
Senior executives stated at the press conference on April 6 that after 11 years at Borealis, Garrett decided to leave and "pursue a new career path." The Supervisory Board regretted it but accepted the decision and admitted Garrett has made outstanding contributions to the success of Borealis.
Stern is the executive vice president of the company's polyolefin innovation business. He will take over as chief executive officer on July 2.
Executives said that Garrett joined Borealis in 2007 and its 11-year term "represents an important phase of company growth and geographic expansion," and the company's sales and net profit have both tripled.
Garrett also oversaw many projects, including the petrochemical projects Borouge 2 and Borouge 3, which increased the annual capacity of Borealis' polyethylene, polypropylene and related products from 1.3 billion pounds to nearly 10 billion pounds.
Garrett believes that during the worst period of the global financial crisis, the performance of Borealis was a real bright spot. The entire western petrochemical industry suffered billions of dollars in losses, while Borealis created a net profit of 38 million euros.
Chairman HE Suhail Mohamed Al Mazrouei said: “We are fortunate that Mark Garrett has been in this position for more than a decade. His leadership is beneficial to Borealis and the broader Mubadala company.” Al Mazrouei is also an Arab Union. Emirates Minister of Energy and Industry.
He added: "... Garrett has established a unique and powerful business culture and achieved corresponding results."
Stern joined Borealis in 2008 and was promoted to a member of the Executive Committee in July 2012.
Rainer Seele, Vice Chairman of the Board of Directors, said: "Stern has positioned Borealis' polyolefin business in a difficult and favorable market environment and has recently established a new strategic direction for recycling economy and plastic recycling."