LyondellBasell Industries Hikes Dividend 5%; Board OKs Shares Buybacks; CFO Aebischer to retire

LyondellBasell Industries (LYB), a plastics, chemicals and refining company, said early Friday its board has approved a quarterly dividend of $1.05 per share, 5% higher than the $1.00 dividend declared in Q1.

The new dividend is payable June 17 to shareholders on record as of June 10.

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The company’s board also cleared the repurchase of up to 10% of LyondellBasell’s outstanding shares over the next 18 months. According to the company, it had approximately 370 million shares outstanding as of Thursday.

In a separate statement, LyondellBasell said Chief Financial Officer Thomas Aebischer plans to retire by the end of the year after being with the company since 2016. LyondellBasell is set to search for a new CFO and anticipates appointing Aebischer’s successor before the end of 2019.