Petroplus Names Total Veteran As CEO To Push Expansion

Switzerland-based refiner Petroplus Holdings AG (PPHN.VX) Monday elected Jean-Paul Vettier as its new chief executive, replacing Bob Lavinia, who will retire later this year but remain on the company's board.

Vettier, who will take up his new post Sept. 1, previously worked as head of refining and marketing for Total SA (TOT) and has been involved in several of the French energy firm's acquisitions in the past.

"With more than 35 years of experience in the petroleum and chemical industries, Jean-Paul brings an extraordinary level of expertise to the company," said Petroplus Chairman Thomas O'Malley. "He has the experience, qualities and personal leadership to drive Petroplus forward and take advantage of growth opportunities in the future," O'Malley added.

Petroplus is Europe's largest independent oil refiner, owning plants in Germany, France, Belgium, Switzerland and the U.K. Over the past several years, Petroplus has acquired around half a dozen companies and recently said that the current market environment offers buying opportunities.

Vettier worked for Total from 1993 through 2006. He was also president of Europia, the refining and marketing industry's trade group in Western Europe. Most recently, Vettier has been active in advising investment and management firms on energy matters.

"The team at Petroplus has built a strong company in a few short years," Vettier said. "I intend to continue that growth while focusing on safety and reliability, without forgetting profitability."

 
   Company Web site: www.petroplusholdings.com 
 
   -By Goran Mijuk, Dow Jones Newswires, [phone]; [e-mail]