01—Abstract
Summary
Summary of the 8-K filed March 17, 2025. Cited figures are marked; the original filing is the authoritative source.
LyondellBasell Industries N.V. filed this Form 8-K on March 17, 2025 to report executive officer changes under Item 5.02.
Chukwuemeka (Emeka) A. Oyolu, Senior Vice President and Chief Accounting Officer and principal accounting officer, informed the company on March 11, 2025 of his intent to resign effective March 24, 2025, to pursue another opportunity. Effective March 24, 2025, the company appointed Matthew D.
Hayes as Senior Vice President and Chief Accounting Officer. Mr. Hayes, age 50, most recently served as Vice President, Financial Planning and Analysis, and has been with the company since 2004 in roles including chief internal auditor and director positions in the accounting department, including external reporting. He will serve as principal accounting officer for SEC filings and will have global responsibility for corporate accounting, financial reporting and internal controls.
Mr. Hayes' compensation is a base salary of $400,000,a a long-term incentive plan target grant of 70% of base salary (including a pro-rated award for 2025), and a short-term incentive plan target of 60% of base salary. The filing states he has no family relationships with directors or executive officers and no material related-party transaction interest.
02—Key points
Key Highlights
- Chief Accounting Officer transition: Emeka Oyolu, SVP and Chief Accounting Officer, resigned effective March 24, 2025, to pursue another opportunity.
- Successor named: Matthew D. Hayes, previously Vice President, Financial Planning and Analysis, was appointed SVP and Chief Accounting Officer effective March 24, 2025.
- Internal promotion: Hayes has served with the company since 2004, including as chief internal auditor and in accounting director roles, including external reporting.
- Mandate: Hayes will be principal accounting officer for SEC filings with global responsibility for corporate accounting, financial reporting and internal controls.
- Compensation: Hayes' base salary is $400,000, with a long-term incentive target of 70% of base salary (including a pro-rated 2025 award) and a short-term incentive target of 60% of base salary.
- Prior experience: Hayes held internal audit roles at Halliburton from 2001 to 2004 and worked in public accounting from 1996 to 2001.
03—Questions
Frequently Asked Questions
Why is LyondellBasell's Chief Accounting Officer leaving?
Emeka Oyolu informed the company on March 11, 2025 of his intent to resign effective March 24, 2025, to pursue another opportunity. The filing does not provide further detail.
Who is replacing the departing Chief Accounting Officer?
Matthew D. Hayes was appointed Senior Vice President, Chief Accounting Officer effective March 24, 2025. He previously served as Vice President, Financial Planning and Analysis.
What are Matthew Hayes' qualifications?
Hayes, age 50, is an associate chartered accountant with a Bachelor of Science degree in economics, accounting and finance from Aberystwyth University. He has been with the company since 2004 in roles including chief internal auditor and director positions in accounting, including external reporting. Before joining, he held internal audit roles at Halliburton from 2001 to 2004 and worked in public accounting from 1996 to 2001.
What compensation will the new Chief Accounting Officer receive?
Hayes will receive a base salary of $400,000. He will participate in the long-term incentive plan with a target grant of 70% of base salary, including a pro-rated award for 2025, and is eligible for the short-term incentive plan with a target of 60% of base salary.
Does the appointment involve any related-party or family relationships?
The filing states there are no arrangements or understandings between Hayes and any other persons under which he was selected as an officer, no family relationships with any director or executive officer, and no direct or indirect material interest in any transaction requiring disclosure under Item 404(a) of Regulation S-K.
04—Continue