LyondellBasell CEO Patel to Head W. R. Grace
LyondellBasell CEO Bhavesh V. (Bob) Patel has been named to head chemicals company W. R. Grace effective January 2022, it was announced today by Standard Industries Holding. The privately held conglomerate entered into a definitive agreement to acquire Grace in April 2021 in an all-cash transaction valued at approximately $7 billion. The deal is expected to close later this year. Patel will take the reins from Hudson La Force, who has served as CEO of Grace since 2018.
“We’re thrilled to welcome Bob to the Standard family as CEO of W. R. Grace,” said David Winter and David Millstone, co-CEOs of Standard Industries. “Bob has for decades been a visionary leader in the industry, with a record of transforming businesses to achieve robust, sustainable growth. He has proven himself to be the right person to lead Grace’s exceptional team and help architect Standard’s investment in the advanced materials space. He will be instrumental in taking Grace into its next chapter as we ensure a seamless transition post-close and embark on an ambitious growth strategy.”
|Bhavesh V. (Bob) Patel.
Patel has served as CEO of LyondellBasell since 2015. From 2010 to 2014, Patel led significant restructuring efforts in the United States and Europe to optimize the company’s cost structure and geographic footprint. Throughout his time at LyondellBasell, he significantly increased earnings power through a number of strategic investments and greatly expanded the company’s sustainability initiatives, said this morning’s announcement. Prior to joining LyondellBasell in 2010, Patel spent 20 years at Chevron Phillips Chemical Co., where he held positions in manufacturing and led several businesses in the United States and Asia.
“It’s a privilege to join Standard Industries and to be asked to lead W. R. Grace through its next chapter,” Patel said. “Grace is an iconic company and a fundamentally strong business driven by its exceptionally talented employees. I look forward to working with the leadership team at Grace to take the company to new heights.”
La Force will continue as CEO until the end of the year and will join Standard’s advisory board in January 2022.