OMV CEO Alfred Stern to Step Down in 2026 After Leading Strategic Shift
Alfred SternDealroom has a profile for this one. Try Dealroom →, CEO and Chairman of the Executive Board of OMV AG, has announced he will not seek reappointment after his current term concludes on August 31, 2026. Stern, who assumed the CEO role in September 2021, has been instrumental in steering the Austrian energy company through significant strategic shifts and geopolitical challenges.
Under Stern's leadership, OMV embarked on a comprehensive transformation from a traditional oil and gas entity to a diversified, sustainable chemicals and energy company. Central to this strategy was the emphasis on circular economy solutions and a commitment to achieving net-zero emissions by 2050.
A notable milestone in this journey was the commissioning of the ReOil® plant at the Schwechat refinery, which processes up to 16,000 metric tons of hard-to-recycle plastic waste annually, converting it into valuable feedstock for new plastic production.
Stern also played a pivotal role in the formation of Borouge Group International, a joint venture between OMV and Abu Dhabi National Oil Company (ADNOC)Dealroom has a profile for this one. Try Dealroom →. This merger, announced in March 2025, combined their polyolefin businesses to create a global leader in the sector, with an enterprise value exceeding $60 billion. The transaction is expected to close in the first quarter of 2026.
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