OMV Supervisory Board Chairman Resigns

OMV announced Friday that its supervisory board chairman Peter Oswald will step down from May 18, 2016.

Oswald is currently the CEO of Mondi Europe & International, an international packaging and paper group, and is also chairman of the European Paper Industry. He is a graduate of law and business administration.

Commenting on his decision to resign from the company, Oswald said in an OMV statement:

"Together we have successfully laid out the strategic foundations for the future of OMV. The most important thing for me personally was to restore the trust and cooperation between the supervisory board and the executive board. This has led to a lasting improvement in the climate throughout the entire company.

"The reason for resigning from my position is that the time commitments at both Mondi and OMV have increased significantly in recent months. I don’t want to let the quality of my work slip at any company and that’s why it is in the interests of both OMV and Mondi that I step down as chairman of the OMV supervisory board, even though it’s a hard thing for me to do.”

OMV’s supervisory board recently approved a new corporate strategy that puts profitability ahead of production quantity.

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