OMV Supervisory Board Chairman resigns
March 4, 2016 - 08:30 am (CET)
Peter Oswald: "The foundations are in place."
"Together we have successfully laid out the strategic foundations for the future of OMV. The most important thing for me personally was to restore the trust and cooperation between the Supervisory Board and the Executive Board. This has led to a lasting improvement in the climate throughout the entire company", said Peter Oswald, who will resign as Chairman and member of the OMV Supervisory Board as of the close of the next Annual General Meeting on May 18, 2016.
The new corporate strategy puts profitability ahead of production quantity and was unanimously approved by the Supervisory Board, as were the appointments of the new Executive Board member for Upstream and the new CFO. A more demanding bonus scheme will play a key role in improving Corporate Governance. Investors have welcomed the new approach: The OMV share rose by 19% in 2015, while the industry index FTSE Global Energy fell by 15%.
"The reason for resigning from my position is that the time commitments at both Mondi and OMV have increased significantly in recent months. I don’t want to let the quality of my work slip at any company and that’s why it is in the interests of both OMV and Mondi that I step down as Chairman of the OMV Supervisory Board, even though it’s a hard thing for me to do", explained Oswald.
About Peter Oswald:
Peter Oswald, 53, is CEO of Mondi Europe & International, an international packaging and paper group, and is also Chairman of the European Paper Industry. He is a graduate of law and business administration.
Background information:
OMV Aktiengesellschaft
With Group sales of EUR 23 bn and a workforce of around 24,100 employees in 2015, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV focuses on three core regions – CEE (Romania, Austria), North Sea as well as Middle East and Africa – and selected development areas. 2015 daily production stood at approximately 303 kboe/d. In Downstream, OMV has an annual refining capacity of 17.8 mn tonnes and approximately 3,800 filling stations in 11 countries as of end of 2015. OMV operates a gas pipeline network in Austria and gas storage facilities in Austria and Germany. In 2015, gas sales volumes amounted to 110 TWh.