James Gallogly, CEO of LyondellBasell since May 2009, will retire in early 2015, the company has announced.

A committee of the supervisory board has been appointed to find a successor.

The contract of the 61-year-old executive, who steered LyondellBasell through its post-bankruptcy reorganization, was last renewed for four years in May of this year. However, "having achieved the goals that I set for myself professionally and for the company," Gallogly said, "I feel it is time to move on to the next chapter.

Collectively appointed to four-year terms in May, "the entire management board has demonstrated exceptional business leadership and I am confident the transition will be seamless," the retiring CEO added.