By Olivia Bugault
OMV AG said late Tuesday that its supervisory board has named Alfred Stern as its new chief executive officer and chairman of the executive board as of Sept. 1.
Mr. Stern--who is currently OMV executive board member for chemicals and materials--will lead the company for three years with the option to extend its mandate for two further years if both parties agree, the Austrian oil-and-gas company said.
Rainer Seele, the current chairman and CEO, will resign on Aug. 31 by mutual agreement, the company said.
"My special thanks must go to Rainer Seele for his achievements in reshaping the company," Mark Garrett, chairman of the supervisory board of OMV, said. "Together with his executive board team, he has decisively realigned the OMV portfolio while significantly increasing profitability and thereby laying the best foundations for the transformation currently under way," Mr. Garrett said.
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(END) Dow Jones Newswires