New OMV chief executive could be found this year, chairman tells Reuters

By Alexandra Schwarz-Goerlich

VIENNA (Reuters) -The chairman of OMV told Reuters he is eyeing the hiring of a new CEO this year, saying the new top executive would have to balance a push for growth at both its established oil and gas business and at new, more climate-friendly ventures.

In a surprise move, CEO Alfred Stern decided in May not to stand for re-election after his term ends in August 2026. Stern led a push towards sustainable fuels, chemicals and recycling.

"We are currently still at the very beginning of the recruiting process ... I really wouldn't rule out having a decision already by the end of the year," supervisory board chairman Lutz Feldmann said on Thursday.

Growth in the oil and gas business remains an important pillar of OMV, he said.

"But of course the chemicals business with all its facets is becoming increasingly important in our portfolio. The new CEO must also shape this," he added.

Feldmann added the appointee would have to deal with the strong pressure to change that both OMV and the wider energy industry are under. "This must also be taken into account in the selection process," said the Chairman.

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(Reporting by Alexandra Schwarz-GoerlichWriting by Ludwig BurgerEditing by Madeline Chambers)