LyondellBasell (market cap $29 billion) has hired Michael McMurray as its new CFO. He replaces Thomas Aebischer, who announced in May 2019 that he planned to retire at the end of the year.
Mr McMurray joins from Owens Corning (market cap $7 billion) where he had worked for the last eleven years, the past seven of which have been as CFO.
Owens Corning is based in Toledo, Ohio. However Mr McMurray is no stranger to Houston or petrochemicals. Prior to joining Owens Corning, he spent 21 years at Shell, holding such roles as VP of Shell Capital, global treasurer for Shell Chemicals and Americas Finance Manager for the Lubricants business. Mr McMurray is also a non-executive director of Flowserve, a Dallas-based pumps and valve manufacturer.
Mr McMurray will receive a base salary of $800,000 and a sign-on bonus of $750,000, payable on January 1, 2020. He also received an equity grant of $3.75 million that will vest over three years.
The base salary for Mr Murray will be the fourth highest among Houston-area public company CFOs. You can see the complete list here. Check out who is also fourth highest, the answer will surprise you.
Mr McMurray had a base salary of $645,000 at Owens Corning.