The supervisory board of Borealis has appointed Stefan Doboczky as the company’s new CEO, effective July 1, 2024.
The appointment follows the announcement that Thomas Gangl, Borealis CEO since April 2021, would step down by ‘mutual agreement’ on June 30.
Doboczky has a held a position on the OMV supervisory board since 2019. Borealis is 75% owned by the Austria-based petrochemical and 25% owned by the Abu Dhabi National Oil Company (ADNOC).
“Stefan Doboczky brings a wealth of experience with an impressive leadership track record in the chemicals industry spanning over 30 years,” said Daniela Vlad, chairwoman of the supervisory board of Borealis and EVP chemicals of OMV. I am delighted to welcome him to Borealis with his in-depth knowledge of our industry and his strong commitment to further elevating Borealis’ market leadership through its proven innovation and technological capabilities. OMV and ADNOC – both companies represented in the Borealis Supervisory Board – are supportive of this appointment. I look forward to working with Stefan Doboczky in his new role, as he takes the helm of a world-class company which is one of OMV Group’s pivotal driver for future growth,” she added.
Borealis’ new CEO started his career in 1992, culminating in executive board and CEO positions at listed chemicals companies internationally. Most recently, Doboczky was CEO at Austria-based chemical company Lenzig between 2019 and 2021 and CEO of Germany-based pigment manufacturer Heubach Group since January 2022. Stefan Doboczky holds a PhD in Chemistry from the Technical University Vienna and an MBA from IMD Lausanne.
"I would like to thank the Supervisory Board of Borealis for the trust and look forward to further advancing Borealis’ development in the evolving chemicals sector,” Doboczky said. “As a global leader in the area of polymers, Borealis is uniquely positioned in this market with its focus on innovation, sustainability and outstanding circular economy solutions. I look forward to exploring new strategic advancements with my new colleagues at Borealis and delivering sustained growth while tapping into new market opportunities internationally. I am looking forward to getting to know the Borealis community of customers and suppliers, but most of all its employees."
Alongside many other industry players, Borealis faced challenging conditions in 2023. Its operating profit dropped by 94% and its sales were down by roughly €2 billion, largely attributed to lower prices for polyolefins.
The company has nonetheless emphasised that it will continue to focus on circularity. Its 2030 strategy has sustainability at its core: the company wants to lead the transformation to a truly circular economy across all its applications.