Mark Garrett to resign as OMV Supervisory Board Chairman at 2023 Annual General Meeting
Mark Garrett has announced that he will not be available for another term as OMV Supervisory Board Chairman due to new professional challenges and limited time resources. Österreichische Beteiligungs AG (ÖBAG) will propose Lutz Feldmann as a candidate for the OMV Supervisory Board. Lutz Feldmann has held various management positions at E.ON, BP and ARAL and is currently Chairman of the Supervisory Board at EnBW Energie Baden-Württemberg AG, among others.
Mark Garrett has been instrumental in initiating OMV’s transformation. During this time, OMV’s new strategy has been developed and approved by the Supervisory Board. In addition, the Group has been restructured and a new Executive Board team put in place with broad expertise and international experience. The new corporate structure came into effect on January 1, 2023, and should enable the full implementation of Strategy 2030.
With Group sales revenues of EUR 62 bn and a workforce of around 22,300 employees in 2022, OMV is amongst Austria’s largest listed industrial companies.
In Chemicals & Materials, OMV through its subsidiary Borealis, is one of the world’s leading providers of advanced and circular polyolefin solutions and a European market leader in base chemicals, fertilizers, and plastics recycling. Together with its two major joint ventures – Borouge (with ADNOC, in the UAE and Singapore) and Baystar™ (with TotalEnergies, in the USA) – Borealis supplies products and services to customers across the globe. OMV’s Fuels & Feedstock business produces and markets fuels as well as feedstock for the chemical industry, operates three refineries in Europe, and holds a 15% stake in a refining joint venture in the UAE. OMV operates around 1,800 filling stations in ten European countries. In the Energy segment, OMV explores and produces oil and gas in the four core regions of Central and Eastern Europe, Middle East and Africa, North Sea, and Asia-Pacific. Average daily production in 2022 amounted to 392 kboe/d. Its activities also include the Low Carbon Business as well as the entire gas business.
OMV intends to transition from an integrated oil, gas, and chemicals company to become a leading provider of innovative and sustainable fuels, chemicals, and materials, while taking a leading global role in the circular economy. By switching over to a low-carbon business, OMV is striving to achieve net zero in all three Scopes by 2050 at the latest.
OMV shares are traded on the Vienna Stock Exchange (OMV) and as American Depository Receipts (OMVKY) in the U.S.