LYB Leadership: Get To Know CEO Peter Vanacker

In this engaging episode, Deepi Sidhu, LyondellBasell content & social media manager, sits down with CEO Peter Vanacker as he marks his second anniversary in the role. Join us as Peter shares his insights on leadership, reflects on his journey and discusses how he has adapted to the unique culture at LYB.

Peter offers an exclusive look into his daily routine, his favorite books and music, and the challenges and triumphs he has faced as CEO. We also delve into his personal life, exploring his family's international lifestyle and their favorite places to visit.

Get to know Peter’s thoughts on the importance of cultural understanding in a global company, his reflections on his proudest moments, and the invaluable career advice he has received and shared. This episode is a must-listen for anyone interested in leadership, global business and the personal stories of top executives. Connect with us on social media: LinkedIn: LyondellBasell Facebook: LyondellBasell Instagram: LyondellBasell X: @LyondellBasell

LEGAL DISCLAIMER FOR FORWARD-LOOKING STATEMENTS:

The statements in this podcast relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management of LyondellBasell which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual results could differ materially based on factors including, but not limited to, market conditions, the business cyclicality of the chemical, polymers and refining industries; the availability, cost and price volatility of raw materials and utilities, particularly the cost of oil, natural gas, and associated natural gas liquids; our ability to successfully implement initiatives identified pursuant to our Value Enhancement Program and generate anticipated earnings; competitive product and pricing pressures; labor conditions; our ability to attract and retain key personnel; operating interruptions (including leaks, explosions, fires, weather-related incidents, mechanical failure, unscheduled downtime, supplier disruptions, labor shortages, strikes, work stoppages or other labor difficulties, transportation interruptions, spills and releases and other environmental risks); the supply/demand balances for our and our joint ventures’ products, and the related effects of industry production capacities and operating rates; our ability to manage costs; future financial and operating results; benefits and synergies of any proposed transactions; receipt of required regulatory approvals and the satisfaction of closing conditions for our proposed transactions; final investment decision and the construction and operation of any proposed facilities described; our ability to align our assets and expand our core; legal and environmental proceedings; tax rulings, consequences or proceedings; technological developments, and our ability to develop new products and process technologies; our ability to meet our sustainability goals, including the ability to operate safely, increase production of recycled and renewable-based polymers to meet our targets and forecasts, and reduce our emissions and achieve net zero emissions by the time set in our goals; our ability to procure energy from renewable sources; our ability to build a profitable Circular & Low Carbon Solutions business; the continued operation of and successful shut down and closure of the Houston Refinery, including within the expected timeframe; potential governmental regulatory actions; political unrest and terrorist acts; risks and uncertainties posed by international operations, including foreign currency fluctuations; and our ability to comply with debt covenants an

Episode Transcript

(00:00):
What's the last book you read or do you have a favorite podcast?
The last one is actually Culture Map, The Culture Map.
I read that book because in a company like La Indoor Basel, where we have so
many different cultures working together, I thought it would be good for me
also to take one step back and again reflect, even if I have worked in so many
different countries in the world,

(00:21):
but take one step back and reflect again on how people deal with one each other,
how the different cultures are in different countries, that I actually recommended
that book to a couple of the executives as well in the company. Culture map.
The culture map. The culture map. Okay. And what about podcasts?
Are you a podcast person? Not so much. No.
Well, now you will be now that we have a podcast though, right? There you go. Of course.

(00:45):
This week, we've got a really fun guest for the podcast. Peter Vanneker,
CEO of Lionel Bissell, just celebrated two years as CEO here.
And we had a chance to sit down with Peter and ask him all sorts of questions
from career advice, to questions about his children, to living in Texas.
Let's get right into it. Questions with Peter Vanneker. Get to know the CEO of Linedell Bissell.

(01:08):
Hi, Peter. Ready to go? Very much so.
We're looking forward to it. This should be fun. First of all, congratulations.
Two years as CEO of the company. So thank you so much for doing this and answering some of our questions.
Did you do anything to commemorate the milestone, by the way,
for yourself or with your family? Actually, no, I didn't. Yeah.

(01:28):
Time is flying so fast and I was traveling internationally.
We didn't actually. No.
Okay. Well, maybe these questions, this will be a great way to commemorate where you are.
How have you developed as a leader over the last two years? Well,
it has been a very interesting journey at Lionel Basel because before that,
of course, I have been CEO.
So I knew, I mean, what I was getting into. But of course, the size of the company is much bigger.

(01:53):
So very international, 100 sites approximately in the world.
Also learning to know the people, the management, the culture in the company.
So what I had to then, of course, quickly learn is, of course,
adapt my leadership style, I mean, to the environment that we have at Lionel Bazel.
It's not copy-based, I mean, one CEO job compared to the other CEO job.

(02:13):
So that has been the biggest learning, that changing, that adapting,
I mean, to the local environment.
What has been your proudest or most memorable moment at LYB so far?
That's a good question. I think the Capital Markets Day, because it was It was
the first time that we really positioned ourselves as a team,
and especially, I mean, the feedback,
not just from our employees, the management inside of the company,

(02:37):
but especially also outside in, from our investors, from the analysts,
our customers, suppliers.
That was fantastic. What has been the most challenging part of your job?
Well, the most challenging part, it's a huge company, and we have a lot of employees.
In different locations. So
meeting as many people as possible is the most challenging part of my job.

(03:00):
Who was the most competitive during your executive committee team building activities?
That is an easy one. Definitely Tricia. Tricia?
Tricia Connolly. Okay. Tricia Connolly, head of people and culture.
When we had the team building activities, I mean, she is highly passionate about it and she always wins.
So who in the office is known for having the best snacks?

(03:22):
That's a good question. I would say probably Sabrina, my assistant.
But I'm not so much into snacks, so I don't watch it.
I mean, who has no the best snacks because I hardly find me putting my hand
in some of the snacks and eating something in between.
You're not a big snacker. I'm not a big snacker, no. Have you tried new meals living in Houston?

(03:43):
We are foodies, though. We're not snackers, but we are foodies.
Okay. So we tried lots of restaurants.
Of course, I mean, if you live in Houston, then Tex-Mex has something that you
need to try, lots of steak.
But we have a big variability of food that we are enjoying, and that's the nice
thing in living in Houston.
It's not just in one direction, one type of restaurant. So you have a lot of

(04:04):
variety and very good restaurants, by the way.
So how would you compare food here to food in Europe?
Well, definitely most of the food in Houston is more heavy. The portions are
just, I mean, incredible.
Everything's bigger in Texas. Everything is bigger in Texas,
definitely. But of course, I mean, due to the variability, we like a lot of Asian foods.
So we go a lot, I mean, to Japanese restaurants and...

(04:28):
Probably also due to the connection, I mean, with Japan. You have extremely
good Japanese restaurants in Houston with very fresh fish.
Well, I was going to ask, how does your wife feel about the food and living in Houston?
It sounds like she's enjoying it. She's enjoying it, of course.
One of the things, of course, is our children are not living with us because
they are studying in Europe. But she's very much enjoying it.

(04:49):
And I think also the fact that, I mean, the population in Houston is very international.
International people are kind of also a bit more
relaxed and laid back and different than
in maybe some other parts of the United States so she
has been welcomed she feels at home the
fact I mean that there are very good restaurants is of course also enjoyable
yeah you're a pretty international family so what is your favorite place to

(05:13):
visit the favorite place to visit that I have is where my children are so it's
not a place let's say geographically one particular country or one particular
city, it is where they are.
So for example, just a couple of weeks ago when my sister married,
our son came with his girlfriend.
The marriage was in Belgium. Belgium was your favorite place.

(05:33):
That was my favorite place.
And just yesterday evening, I was texting with our daughter and she said,
ah, she's going to come to Spain during the holiday season.
So that will then become our favorite place because that's where she is.
Belgium and Spain, two favorite places Amongst the others, depending.
Depending on what else is... Yeah, I mean, if they would come to Houston like

(05:53):
they did last year, then that was our favorite place because we then had the family together.
Of course, in our situation, we don't always have the family together anymore.
Maybe once or twice a year.
Are you a morning or a night person? I'm a morning person.
Okay. What time do you wake up? Six o'clock most of the time.
Also, it depends, of course, where I am on the planet.

(06:14):
Yeah. Sure. So with a time zone difference from time to time,
of course, I wake up earlier or a little bit later, but normally at six o'clock
in the morning. Alarm, no alarm?
Yeah, I have an alarm. You have an alarm. Yeah. So what time do you go to bed?
Around 11 o'clock in the evening. What is the first app you open up in the morning?
The first app I open in the morning, that must be Teams.

(06:37):
Straight to work. Straight to work. That's the first app.
What do you do as soon as you get to work? Well, you know, in my position,
you need to know what is happening in the world.
So there is quite a lot of reading. So that's why I also like to be a morning person.
Because before, I mean, the day starts and you have all the different appointments
and meetings, etc., etc., it gives me the time, I mean, to read a lot.

(07:01):
I have the advantage, of course, in speaking many languages.
So I read it and also in a local language. So, for example, every morning I
get a review, a summary, what is happening in regulation, for example, in Germany.
I have, of course, usual newspapers that I screen, that I read in the United States.
So I have different sources of material that I can read.

(07:23):
So you're reading in different languages in the morning. I read in different
languages. Your brain is working very quickly. Yeah, I don't think in one particular
language. What are you thinking?
It depends on what language I speak. All right. So what's the last book you
read or do you have a favorite podcast? The last one is actually Culture Map, The Culture Map.
I read that book because in a company like La Indoor Basel, where we have so

(07:45):
many different cultures working together,
I thought it would be good for me also to take one step back and again reflect,
even if I have worked in so many different countries in the world,
but take one step back and reflect again on how people deal with one each other,
how the different cultures are in different countries.
That I actually recommended that book to a couple of the executives as well in the company.

(08:08):
Culture map. The culture map. The culture map. Okay. And what about podcasts?
Are you a podcast person?
Not so much. No. Well, now you will be now that we have a podcast though,
right? There you go. Of course.
Let's add that to your list. What about music? What type of music do you listen
to? All types of music. I don't have a preference. It depends also on what I do.
So I'm not going to listen to rock music when I'm studying something.

(08:30):
Then I take more classical music. Okay. Yeah. Depends.
Are you a big concert goer? What was your favorite last concert that you attended?
The favorite last concert that was in New York City was Queen.
And even if Freddie is already dead, but he's always part of the concert.
So they do a fantastic job.
So it's one of my favorite groups. That's a great concert to attend.
What about sports? What summer games, sport do you look forward to watching?

(08:54):
Well, definitely we have the European Championship. And unfortunately,
my Belgian team played very bad and they lost.
But of course, due to the fact that I have a dual nationality. I can always choose.
Yeah. So I have the German nationality. So of course, I'm also cheering for Germany.
Actually, by the way, I have to cheer for Germany because my wife is German. Oh, very convenient.
Very convenient. What about your children? What are they like? What are they studying?

(09:16):
Where are they working? You mentioned that they're sort of traveling all over.
Where are they right now? Our daughter has finished her studies in agriculture.
So she has a master's in agriculture.
She's the oldest. She has two years ago started doing her PhD.
Now she has taken a little break in the PhD and she's just coming back at the
end of the week from Slovenia where she worked with an NGO on a local project.

(09:39):
So she's combining the theoretical part then with making a contribution to society
by doing stuff and not just lecturing stuff.
Our son is studying chemistry together with his girlfriend who is also studying
chemistry. Amazing. together. Chemistry together.
Chemistry together. And there is chemistry between them.

(10:00):
They are studying at the university in Münster, so also in Germany.
What is one thing that you've learned from your children? They sound very intelligent.
One thing you've learned from them? Well, they are extremely reflective.
It's that generation, of course, in sustainability.
What's the purpose of the companies and what can we do, our contribution to
society, and is it possible to create value by doing so?

(10:22):
With my My son is mainly about sustainable chemistry. And the PhD study of our
daughter is on the interface between bioeconomy and innovation management.
Also very interesting topics.
A lot of families have a family text group or text chat. What's your family group chat like?
We have a couple of them. So we have one which is then with my family.

(10:44):
That means my brothers, sisters, and then the children where we share lots of
information. Of course, our parents are still alive, luckily.
So it goes a lot about, I mean, what is happening and can you pick them up?
Or if you are in Belgium, Peter, can you pick them up and bring them to us and
so on and so on? So that's most of the time.
And now we have a family app, which is my wife and then myself,

(11:06):
of course, and the two kids, which is, of course, also a little bit different
in nature and what we share.
Who in your family texts the most? Our daughter. The daughter.
Okay. Your daughter. Yeah. And who texts the least? Our son. Okay.
Sounds about right. What was the last text you sent your children? Do you remember?
Yeah, these were the pictures of the wedding. Have your children come to you for career advice?

(11:30):
Actually, they did. I mean, our son came to me for career advice.
And since he's very good in mathematics, I said to him, you need to go into the financial world.
He decided to do chemistry at the end. That was good advice.
Asked for your advice. They didn't say they would take your advice. Absolutely.
He did ask for advice. Also with the daughter. With her, it's always a lot of

(11:52):
this interaction around a sustainable world because he's very,
very passionate about that.
What is the best career advice anyone has given to you? It's a marathon. It's not a sprint.
Career is a marathon. So you need to take time, I mean, to take a deep breath,
take a little bit of distance, reinvigorate, and then go for it again.

(12:15):
Do you remember who gave you that advice? That was, oh, that's a long time ago.
That was one of my first bosses that I had when I still worked at Bayer AG.
All right. Well, it's a marathon and not a sprint. And we appreciate the time,
Peter. You're welcome. Yeah. Thank you.
We had a lot of fun catching up with Peter Vanneker. Hopefully this is something
we get to do every single year to commemorate the anniversary of him being CEO,

(12:38):
since he doesn't seem to celebrate it much on his own. But hope you enjoyed that podcast.
We've got more coming from leaders at LYB. So stay tuned for that.
Be sure to follow the podcast, hit like, subscribe, leave a comment if you like
it, and we'll see you back for more. Thank you so much for listening.