The supervisory board of Borealis, the polyolefins and base chemicals supplier has announced the appointment of Alfred Stern as new CEO following on from their highly regarded CEO, Mark Garrett, who has decided to step down.
After more than 11 years as CEO of Borealis, Mark Garrett has decided to leave the company to pursue a new career path. The Supervisory Board of Borealis regrets but accepts this decision, recognising Garrett’s outstanding contribution to Borealis’ success.
At the same time, the Supervisory Board appoints Alfred Stern, Executive Vice President for the Polyolefin business, as successor. He led a strategy re-direction of the Polyolefin business to drive growth focussing on value creation through innovation and expansion into new global regions resulting in record profitability of the business.
Stern joined Borealis in 2008 as Senior Vice President Innovation & Technology, coming from E.I. DuPont de Nemours where he held several international leadership positions. He was promoted to the Executive Board of Borealis in July 2012.
Since 2016, he has advanced the strategy re-orientation towards the Circular Economy, focussing on developing solutions to remove barriers to higher recycling rates (design for recyclability). One major step in this effort was the acquisition and capacity expansion of mtm Plastics in Germany in 2017, a mechanical plastics recycler.
“We are proud that we can appoint an internal candidate as Borealis CEO to ensure a smooth handover and a continuation of the success story of Borealis”, added Rainer Seele, Vice-Chairman of the Supervisory Board and CEO of OMV. “Alfred has positioned the Borealis polyolefins business in a difficult as well as in a favourable market environment very well and recently shaped the new strategic direction towards the Circular Economy and the endeavours in the area of plastics recycling. We are looking forward to a fruitful and valuable cooperation also in future.”