By Nicole Lundeen
VIENNA--The head of German oil and gas company Wintershall
Holding GmbH, Rainer Seele, will take over in July as chief
executive officer of Austrian oil and gas company OMV AG, the
Austrian company said late Friday.
The announcement comes after weeks of speculation and gives
investors a first bit of clarity after personnel upheavals in OMV's
management board.
Starting July 1, Mr. Seele, a German, will replace OMV's current
CEO Gerhard Roiss, who is set to step down at the end of June. Mr.
Seele's contract will be for three years, with the possibility to
extend it for two years, OMV said.
"Today's appointment of Rainer Seele is a critical milestone
which will ensure stability to OMV's management structure," OMV's
Supervisory Board Chairman Rudolf Kemler said, adding that "in
light of the currently difficult internal and external
circumstances, the top priority is ensuring that the company is on
track for a stable future."
Mr. Seele said OMV is an outstanding company with huge
potential. "Given the difficult circumstances at present, we have
to draw on [OMV's] strengths in order to work together and get the
company ready for the new challenges on the markets," Mr. Seele
said, adding he was delighted to take on the responsibility.
Mr. Seele has been the head of Wintershall, a major German oil
and gas producer, and a part of chemical company BASF, since 2009.
He received his doctorate in chemical studies at the University of
Göttingen and later joined BASF to conduct chemical research, OMV
said. He also became a managing director responsible for sales at
Wintershall's subsidiary Wingas.
In addition to external pressures caused by low oil prices, OMV
faced an internal upheaval. In October, the company announced Mr.
Roiss would be stepping down as CEO at the end of June. The
announcement came amid reports of disputes inside the management
board and with the company's supervisory board on company
strategy.
The announcement also came just one month after OMV's board
member responsible for exploration and production, Jaap Huijskes,
said he would leave the company for personal reasons in the first
half of 2016, around two years before the end of his contract. The
contracts of the remaining two members of the board, David Davies
and Manfred Leitner, will end in 2017.
OMV's largest shareholder is the Austrian government, which
holds 31.5% of the shares through its holding company the
Österreichische Bundes- und Industriebeteiligungen GmbH, formerly
the Österreichische Industrieholding AG. OMV's second-largest
shareholder is the Abu Dhabi's International Petroleum Investment
Co., which holds 24.9% of the shares. The two have a shareholder
agreement that allows for block voting and restricts some share
transfers.
Write to Nicole Lundeen at nicole.lundeen@wsj.com
Access Investor Kit for OMV AG
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=AT0000743059
Access Investor Kit for BASF SE
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=DE000BASF111
Access Investor Kit for BASF SE
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US0552625057
Access Investor Kit for OMV AG
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US6708755094
Subscribe to WSJ: http://online.wsj.com?mod=djnwires