March 26 (Reuters) - Abu Dhabi state oil giant ADNOC and Austria's OMV said on Thursday they have appointed Roger Kearns as chief executive officer and Sultan Al Jaber as chairman of the supervisory
ADNOC and OMV Reveal New Leadership Team for Borouge Group International
Formation and Leadership of Borouge Group International
March 26 (Reuters) - Abu Dhabi state oil giant ADNOC and Austria's OMV said on Thursday they have appointed Roger Kearns as chief executive officer and Sultan Al Jaber as chairman of the supervisory board for Borouge Group International, a new global polyolefins company from an expected merger.
Details of the Merger and Company Structure
BGI is being formed through the combination of ADNOC and OMV's shareholdings in Borouge and Borealis, alongside the acquisition of NOVA Chemicals. The transactions are on track to close before the end of March 2026.
Key Executive Appointments
Kearns, currently president and CEO of NOVA Chemicals, has over 40 years of experience in the chemicals sector, ADNOC and OMV said in a statement.
Leadership Backgrounds
Al Jaber is the managing director and group CEO of ADNOC, as well as the executive chairman of XRG, ADNOC's international investment arm. He is also the United Arab Emirates' minister of industry and advanced technology and was president of the COP28 climate summit hosted by his country.
Broader Executive Leadership Team
BGI's broader executive leadership team draws directly from the merging companies. Borealis CEO Stefan Doboczky will be chief commercial officer of BGI. Hasan Karam, who has served as chief operating officer of Borouge Plc since May 2023, will take on the same role for the new group.
Borealis CFO Daniel Turnheim has been named interim chief financial officer until a permanent replacement is appointed by May 2026.
Ownership Structure and Future Plans
BGI will be jointly owned by OMV and XRG, with each holding an equal 50% share. BGI will hold approximately 90% of Borouge, which will retain its listing on the Abu Dhabi Securities Exchange until a proposed tender offer converts its shares into Borouge Group International shares, with current CEO Hazeem Sultan Al Suwaidi remaining in his post during the transition.
(Reporting by Reuters, Editing by Louise Heavens)
