After just three years in charge, Thomas Gangl, CEO of Borealis (Vienna; www.borealisgroup.com), is to leave the company at the end of June, according to his current employer.

Reasons for the surprise departure from the polyolefin and basic chemicals supplier have not been made public. A statement by Daniela Vlad from the management board of Borealis parent OMV (Vienna; www.omv.com) and chair of the Borealis supervisory board, makes no mention of regrets about the exit of the resin maker’s top manager.

Gangl moved from the OMV board of directors to the chief executive spot at Borealis in April 2021 to succeed Alfred Stern, who switched to the OMV board as head of the Chemicals & Materials division. In September of that year, Stern ascended to the CEO slot at the Austrian oil company.

The announcement followed dismal 2023 results from Borealis presented just over a month ago, with turnover down more than EUR 2 bn, according to the company. Austrian media reports suggested that friction between Stern and Gangl was the reason behind news of the latter’s premature exodus. 

The timing does appear suspect: OMV and the Abu Dhabi National Oil Company (Adnoc, Abu Dhabi, United Arab Emirates; www.adnoc.ae) began talks months ago about merging their Borealis and Borouge (Abu Dhabi; www.borouge.com) plastics operations. Now the head of Borealis is on his way out. 

The next supremo of the Austrian resin maker remains a mystery, at least to outsiders. The company statement said, “Details about Thomas Gangl’s successor will be announced at a later date.”