Straight Talkin' News: OMV's Top Spot Up for Grabs, Stern Steppin' Out in 2026
OMV's Chief Stern declines to extend his term in office.
Get ready for a shake-up at Austrian oil, gas, and chemicals juggernaut OMV! CEO Alfred Stern, who's been at the helm since 2021, will be stepping down when his contract expires in August 2026. The company shared the news on Tuesday, citing Stern's personal decision as the reason for his departure. Details on the succession plan are coming soon.
Time to pass the torch
According to Supervisory Board Chairman Lutz Feldmann, Stern spearheaded OMV's biggest transformation ever. He applauded Stern's vision for the future and the company's commitment to sustainability. Stern himself chimed in, "We're on track with the transformation, and we've hit crucial milestones that'll ensure long-term economic success and sustainable growth." While trimming the top spot a year in advance is common in big corporations, Stern's announcement caught many off guard. Analysts generally viewed the news as a negative signal.
Stern, the 60-year-old whiz, took over at OMV after a stint as head of the New Chemicals & Materials business area. Before that, he led petrochemical company Borealis, which is an OMV subsidiary. Stern's tenure has signaled OMV's shift away from fossil fuels towards sustainable fuels, chemicals, and the circular economy. One of his tenure's key accomplishments was the March 2026 agreement with core shareholder Adnoc on the merger of Borealis and Borouge.
Stay tuned for updates on OMV's search for a new CEO! The company's Supervisory Board is reportedly getting ready for the succession process, but as of now, no official candidate has been named. [Sources: 1, 2]
The shift in leadership at OMV brings uncertainty, as Stern's departure in 2026 marks a significant point in the evolution of the oil, gas, and chemicals conglomerate. Future prospects for the company, particularly in finance and business, remain to be seen with the upcoming succession process.
