01—Abstract
Summary
Summary of the 8-K filed November 22, 2024. Cited figures are marked; the original filing is the authoritative source.
LyondellBasell Industries N.V.
(NYSE: LYB) announced on November 22, 2024 a leadership transition in its finance function. Michael McMurray will retire as Executive Vice President and Chief Financial Officer effective March 1, 2025, and Agustin Izquierdo, currently Senior Vice President, O&P Americas & Refining, will succeed him as Executive Vice President and CFO on the same date. Until then, Izquierdo continues in his current role.
McMurray will serve in an advisory role from March 2025 until full retirement in March 2026. The filing describes Izquierdo's compensation under his Appointment Letter: a base salary of $650,000,a a target short-term incentive (STI) bonus of 90% of base salary, and a target long-term incentive (LTI) award of 250% of base salary, split 60% performance share units and 40% restricted stock units. McMurray's Letter Agreement continues his current base salary and sets a 95% target STI bonus, with 2026 prorated.
It also sets a 2025 LTI target of 400%b of base salary, and no LTI awards will be granted in 2026. CEO Peter Vanacker's press release credits McMurray with transforming the finance function and driving shareholder returns, and describes Izquierdo's BASF and Morgan Stanley background. The filing is a planned, orderly succession announced well ahead of the effective date.
02—Key points
Key Highlights
- Michael McMurray will retire as EVP and Chief Financial Officer effective March 1, 2025, and remain in an advisory role until full retirement in March 2026.
- Agustin Izquierdo, age 47, will become EVP and CFO effective March 1, 2025; he currently serves as SVP, O&P Americas & Refining and joined LYB in November 2022.
- Izquierdo's Appointment Letter sets a base salary of $650,000, a 90% target STI bonus, and a 250% target LTI award (60% PSUs, 40% RSUs).
- McMurray's Letter Agreement continues his current base salary and sets a 95% target STI bonus (2026 prorated) and a 400% LTI target for 2025, with no LTI awards in 2026.
- CEO Peter Vanacker credited McMurray with transforming the finance function and driving shareholder returns over his roughly five years in the role.
- Izquierdo's prior experience includes roles at BASF from 2009 to 2022 and Morgan Stanley's Investment Banking Division.
03—Questions
Frequently Asked Questions
When does the CFO transition take effect?
The transition is effective March 1, 2025. Izquierdo continues in his current SVP role until then.
What is Michael McMurray's role after he retires as CFO?
He will continue in an advisory role at the Company from March 2025 until full retirement in March 2026. Under his Letter Agreement, he keeps his current base salary and remains eligible for compensation and benefit plans through March 2026.
How is the new CFO's pay structured?
Izquierdo will receive a base salary of $650,000, a target STI bonus of 90% of base salary, and a target LTI award of 250% of base salary, allocated 60% to performance share units and 40% to restricted stock units.
Does the filing indicate any arrangement or relationship tied to Izquierdo's selection?
The filing states there are no arrangements or understandings between Izquierdo and any other persons pursuant to which he was selected as CFO, and no family relationships with any director or executive officer.
04—Continue