| Tobias Seyfried
| 06/21/2023
The mandate is also a clear reference to the “old guard” who, unlike the CEO, want to stick to the oil and gas business.
At a meeting of 20 June, the Supervisory Board of OMV AG re-appointed Alfred Stern as President and CEO. Stern agreed to extend the mandate, which is why his current term will be extended by two years until August 31, 2026.
directional dispute
With a collective turnover of €62 billion and a workforce of around 22,300 in 2022, OMV is one of the largest listed industrial companies in Austria. Recently there was a dispute in the company. While the “old guard” wants to stick with or even invest more in the oil and gas business, the now-reappointed CEO wants to turn the company into a chemicals group. So, in 2020, the stake in Borealis, in which Stern previously worked, was increased to 75 percent. “We will continue to make adjustments, but there will be no turning back,” Stern said at the annual general meeting at the end of May.ledersent mentioned).
Stern wants to implement the “2030 Strategy”.
He is supported by Lutz Feldmann, the new Chairman of the Supervisory Board of OMV, who said of Stern’s reappointment: “OMV has mastered the challenges of recent years under difficult circumstances very well. Now it is important to continue implementing the transformation that has already been started under the 2030 Strategy. He enjoys Alfred Stern is ideally placed for this given his international skills and experience. Today the Supervisory Board has expressed its confidence in Alfred Stern by extending his mandate. I am very much looking forward to working with him.”
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