Roiss to Quit OMV Early

The Supervisory Board of OMV and Gerhard Roiss (pictured) have agreed that Gerhard Roiss will resign from his position as Chairman of the Executive Board and CEO as of June 30, 2015.

As we reported over the summer, the company was forced to compensate for the vastly reduced output from Libya with increased production from newly acquired fields in the Norwegian North Sea, where oil more expensive to extract.

The Supervisory Board has initiated the process to identify suitable candidates for the succession as CEO of OMV.

Furthermore, the Supervisory Board took the decision to integrate the business segment Gas and Power into the business segment Refining and Marketing, thereby creating a combined business segment Downstream headed by Executive Board member Manfred Leitner as of January 1, 2015. Negotiations with Hans-Peter Floren, Executive Board member for Gas and Power, on his contract will be started.

(Source: OMV)

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