LyondellBasell Industries N.V. (LYB, Financial) has announced a significant leadership transition within its financial department. Effective March 1, 2025, Michael McMurray will retire from his position as Chief Financial Officer (CFO). In preparation for this transition, the company's Board of Directors has appointed Agustin Izquierdo as the new Executive Vice President and CFO, also effective March 1, 2025.
Agustin Izquierdo, who is currently serving as the Senior Vice President of O&P Americas & Refining, joined LyondellBasell in November 2022. He has held various strategic roles, including Vice President of Strategy & Finance for Intermediates & Derivatives. Before joining LyondellBasell, Izquierdo had an extensive career at BASF, where he held positions of increasing responsibility from 2009 to 2022. His educational background includes an MBA from the University of Chicago Booth School of Business and degrees in Engineering and Actuarial Science from the Universidad Nacional Autonoma de Mexico.
Michael McMurray will continue to support the company in an advisory capacity until his full retirement in March 2026. During this period, he will maintain his current base salary and remain eligible for the company's compensation and benefit plans. His target bonus under the Short-Term Incentive Plan (STI) will be 95% of his base salary, with a prorated payment for 2026. Additionally, he will have a 2025 target award of 400% of his base salary under the Long-Term Incentive Plan (LTI), with no LTI awards granted in 2026.
Upon assuming the role of CFO, Agustin Izquierdo will receive a base salary of $650,000 and will be eligible for the company's executive compensation and benefit plans. His target STI bonus will be 90% of his base salary, and his target LTI award will be 250% of his base salary, divided between performance share units (60%) and restricted stock units (40%).
This transition marks a strategic move for LyondellBasell as it continues to strengthen its leadership team and position itself for future growth and success.
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