Contract renewal for Borealis CEO signals commitment to stability and continuity
Mark Garrett, Borealis CEO
Borealis, a leading provider of innovative solutions in the fields of polyolefins, base chemicals and fertilizers, announces the reappointment of Mark Garrett as Borealis Chief Executive (CEO) effective through June 2019. Under the new contract extension, Mark Garrett will stay on through at least another five years, reflecting Borealis’ commitment to stability and continuity following a recent period of transformation and growth.
Keep discovering: the transformation and growth of Borealis
First appointed Borealis CEO in 2007, Mark Garrett has guided the company through its transformation from a European organisation focussed on polyolefins to an international one supported by three separate profit centres: polyolefins, base chemical and fertilizers, as well as Borouge, its joint venture with the Abu Dhabi National Oil Company (ADNOC). Under his tenure, significant investments have been made in production facilities in Stenungsund and Linz, demonstrating commitment to long-term growth in European markets. Under Garrett’s lead, the company has gone through a period of acquisitions of important strategic assets in both polyolefins and fertilizers, including DEXPlastomers (now Borealis Plastomers), GPN (now Borealis Chimie), Rosier, Neochim AD, and others. Once the Borouge 3 production facility in Abu Dhabi is fully operational in 2015, Borealis and Borouge will have joined the ranks of the top ten global polyolefin producers. The EUR 4.5 billion Borouge 3 investment is a key component of Borealis’ strategic aim to expand from its European market base to other geographies in reach of growth and profits.
20 Years Borealis: long-term outlook and commitment to stability
Mark Garrett has steered the company through a period of major structural reorganisation and supervised extensive corporate rebranding efforts timed to coincide with Borealis’ 20th anniversary in 2014. Under his watch, the importance of leading-edge innovation has been underscored by continuing advancements and upgrades of proprietary Borealis technologies such as Borstar® and Borlink™, and by the inauguration of the company’s International Innovation Headquarters in Linz in 2009. Corporate social responsibility has also been an area of increased focus, for example through the establishment of the Borealis Social Fund.
The reappointment of Mark Garrett is an acknowledgment of the importance of continuity and stability in times of global economic and political turbulence. “After a period of transformation and growth we are continuing the process of consolidating our acquisitions,” Mark Garrett explains. “As we move towards 2015 and 2016, we expect our positive profit trend to continue thanks in large part to the extra capacity made possible by a fully operational Borouge 3. Yet we are active in a cyclical and volatile industry with an ever-changing and thus challenging market environment, this demands a constancy of purpose and a steady hand. I am glad that our long-term orientation has been reaffirmed, and am very pleased to be able to play a role in the company’s continuing development.”
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