After more than eleven years as CEO of Borealis, Mark Garrett has decided to leave the company to pursue a new career path. Executive Vice President Alfred Stern, currently responsible for the Polyolefin Business and Innovation, has been appointed as CEO effective July 2, 2018.
Vienna/Austria — Mark Garrett joined Borealis in 2007, taking over a company in the final stages of a successful scrap and build programme in Europe. The eleven years of Mark Garrett’s tenure represented a significant phase of growth and geographic expansion for the company with both volumes and net profits tripling, with net profits reaching $ 1.35 billion, in 2017. Over the time there were many significant projects including the Joint Venture mega projects Borouge 2 and Borouge 3 that resulted in Borouge’s capacity growing from 0.6 million tons to 4.5 million tons. However, Garrett regards Borealis’ performance at the depths of the global financial crisis as a true highlight where the whole Western petrochemical industry incurred multi-billion dollar losses whilst Borealis managed to record a small net profit of $ 46.7 million.
In 2016/2017 Garrett initiated the next growth phase for Borealis by filling the pipeline with major investment projects like the joint venture with Total and Nova Chemicals in Texas (USA), the PDH plant in Kallo, Belgium and the further extension of Borouge.
Focus on Circular Economy
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. Since 2016, Stern 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.
Alfred 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.