LyondellBasell Industries N.V. (LYB) said Wednesday that at its Annual General Meeting, shareholders approved a proposal to authorize the company to repurchase up to 10% of its outstanding stock.
As a result, the company's Supervisory Board has approved a share repurchase program of up to 10% of the company's shares over the next 12 months.
The company's Supervisory Board also authorized the company's Management Board to declare an interim dividend of $0.50 per share, representing an increase of 25% to the company's first quarter 2013 interim dividend.
The increased interim dividend will be paid June 24 to shareholders of record on June 3, subject to the adoption of a resolution by the Management Board, which is expected to occur June 3.
Separately, LyondellBasell said that, as part of an orderly transition, Robert Gwin was appointed as non-executive Vice Chairman of the Supervisory Board of Directors, effective immediately.
Gwin, who has served on the Supervisory Board since May 2011, will succeed Marvin Schlanger as Chairman of the Supervisory Board effective September 10. After that date, Schlanger will continue to serve as a member of the Supervisory Board.
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