Borealis Has a New CEO

Stefan Doboczky, a 30-plus-year veteran of the chemicals industry, has been appointed CEO effective July 1, 2024, of Borealis, a global supplier of polyolefins headquartered in Vienna.

Doboczky, who holds a PhD in chemistry from the Technical University Vienna and an MBA from IMD Lausanne, began his career in 1992. In 1998, he joined Royal DSM where he ultimately was responsible for the strategic repositioning of the group’s global pharmaceutical businesses as well as steering growth in the Asian markets.

Transformative tenure at Lenzing AG.

In March 2015, he was named CEO of Lenzing AG, an Austrian company specializing in the development of wood-based cellulosic fibers for industry as well as brands and retailers. During his tenure, he transformed Lenzing into a global specialty fiber leader and positioned the company as a sustainability champion, said Lenzing. He left the company in September 2021.

Since 2019, Doboczky has been on the supervisory board of OMV, an Austrian petrochemicals group that owns 75% of Borealis' shares. (The Abu Dhabi National Oil Co. owns the remaining 25%.) He stepped down from that role in order to take the reins at Borealis.

New market opportunities.

In a prepared statement, Doboczky said that he looks forward to further advancing Borealis’ development in the evolving chemicals sector. “As a global leader in the area of polymers, Borealis is uniquely positioned in this market with its focus on innovation, sustainability and outstanding circular economy solutions. I look forward to exploring new strategic advancements with my new colleagues at Borealis and delivering sustained growth while tapping into new market opportunities internationally,” said Doboczky.

Related:Borealis Furthers Circularity Commitment with Rialti Buy

EU chemicals sector in crisis.

He enters that role at a difficult time. Europe’s chemical industry is “mired in one of the deepest crises it has ever faced,” writes market intelligence outlet S&P Global. High costs, weak demand, and falling prices have created a perfect storm for this industry. While Europe remains the second largest producer of chemicals after China, its global share of chemical sales dropped from 17% in 2012 to 14% in 2022, “and there are growing concerns about how much further it will fall in the current climate,” reports S&P Global.