VIENNA, March 25 (Reuters) - Austrian oil and gas group OMV extended the contract of Chief Executive Wolfgang Ruttenstorfer until March 2011 on Wednesday and said his deputy Gerhard Roiss would take over from April 2011.
'Facing a global economic crisis it is important to build upon an experienced management team,' said OMV supervisory board Chairman Rainer Wieltsch in a statement. 'It was our intention to create continuity with regards to the chief executive.'
Roiss is currently managing OMV's refining and marketing business including its petrochemical arm, and oversees the state-controlled group's network of filling stations and its big refineries in Austria, Germany and Romania.
Ruttenstorfer, who took OMV's helm in 2002 after serving as the group's finance chief from 1992, will retire in 2011 after reaching the age of 60, OMV said in a statement.
Ruttenstorfer placed a major bet on emerging Europe when he acquired the majority of Romanian oil and gas group Petrom in 2004.
But he irked investors with ill-fated attempts to acquire Austrian utility Verbund in 2006 and Hungarian peer MOL in 2007, both of which eventually failed.
OMV said it did not yet extend Chief Financial Officer David Davies' term beyond 2010, because it was waiting for Davies' decision about his future plans.
Exploration and Production head Helmut Langanger will also retire next year. Gas and power head Werner Auli's contract was extended until 2014, OMV said.
(Reporting by Boris Groendahl; editing by Gunna Dickson) Keywords: OMV/CEO (boris.groendahl@reuters.com; +43 1 53112-258; Reuters Messaging: boris.groendahl.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'Facing a global economic crisis it is important to build upon an experienced management team,' said OMV supervisory board Chairman Rainer Wieltsch in a statement. 'It was our intention to create continuity with regards to the chief executive.'
Roiss is currently managing OMV's refining and marketing business including its petrochemical arm, and oversees the state-controlled group's network of filling stations and its big refineries in Austria, Germany and Romania.
Ruttenstorfer, who took OMV's helm in 2002 after serving as the group's finance chief from 1992, will retire in 2011 after reaching the age of 60, OMV said in a statement.
Ruttenstorfer placed a major bet on emerging Europe when he acquired the majority of Romanian oil and gas group Petrom in 2004.
But he irked investors with ill-fated attempts to acquire Austrian utility Verbund in 2006 and Hungarian peer MOL in 2007, both of which eventually failed.
OMV said it did not yet extend Chief Financial Officer David Davies' term beyond 2010, because it was waiting for Davies' decision about his future plans.
Exploration and Production head Helmut Langanger will also retire next year. Gas and power head Werner Auli's contract was extended until 2014, OMV said.
(Reporting by Boris Groendahl; editing by Gunna Dickson) Keywords: OMV/CEO (boris.groendahl@reuters.com; +43 1 53112-258; Reuters Messaging: boris.groendahl.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.