Borealis veteran Michael Schenk, who currently serves as Director of Internal Audit & Risk Management, has been named Vice President Treasury and Funding, effective 1 Jan 2023.
Schenk is stepping into Jan-Martin Nufer’s shoes, who became CFO of Borouge PLC on 1 Nov 2022.
Schenk joined Borealis in 2008 as Head of Business Unit Controlling, Wire & Cable. In 2009, he became Head of Business Finance for Polyolefins & Innotech, and in 2013 took on the role of Head of Group Corporate Finance & Investor Relations. He became Chief Audit Executive of Internal Audit & Risk Management in 2017.
Borealis CFO Mark Tonkens said that throughout his years at Borealis, Schenk has fostered and developed a ‘systematic, disciplined and innovative approach to risk management, financial control and governance processes’.
“His leadership experience and broad background in treasury, financial controlling and investment banking will be an asset to Borealis,” he noted.
Before joining Borealis, Michael Schenk worked in Group Treasury at UBS Group in Zurich, Switzerland, and as an investment analyst at UBS Investment Bank in London, UK. He holds a Master’s degree in International Business from the University of Vienna.
Headquartered in Vienna, Austria, Borealis employs some 6,900 employees and operates in over 120 countries. OMV, the Austria-based international oil and gas company, holds a 75% majority stake in the company, with the remaining 25% owned by a holding company of Abu-Dhabi based Mubadala. Borealis generated total sales of €12.342 bn in 2021 and a net profit of €1,396 m.