iNDICA NEWS BUREAU-
A prominent Indian-American executive of a multinational chemical company has been appointed by the Federal Reserve Bank of Dallas to its Houston branch’s board of directors.
Bhavesh ‘Bob’ V Patel, 53, CEO of Houston-based LyondellBasell, one of the largest plastics, chemicals, and refining companies, will be serving as a board of directors for a term ending December 31, 2023.
Patel joined LyondellBasell in March 2010 and as executive vice president led the restructuring of the company’s O&P – Americas, O&P – Europe, Asia and International (EAI).
Before joining LyondellBasell as its Senior Vice President of Olefins & Polyolefins in 2010, Patel held positions of increasing responsibility at Chevron Corporation and Chevron Phillips Chemical Company. He has held senior executive roles in The Netherlands, Singapore and the United States.
Under Mr. Patel’s leadership, LyondellBasell was named to Fortune Magazine’s “World’s Most Admired Companies” list for three consecutive years beginning in 2018, and to Newsweek Magazine’s list of “Most Responsible Companies” for 2021.
Patel serves on the boards of Union Pacific Corporation and Greater Houston Partnership, and on the University of Texas MD Anderson Cancer Center Board of Visitors. He also serves on The Ohio State University College of Engineering External Advisory Council and Temple University Fox School of Business Board of Visitors.
He earned a bachelor of science degree in chemical engineering from Ohio State University and a master of business administration degree from Temple University.
The Houston Branch board consists of seven members, four appointed by the Dallas Fed and three by the Federal Reserve Board of Governors.
The Federal Reserve Bank of Dallas is one of a dozen institutions nationwide whose responsibility is implementing the monetary policy of the Federal Reserve System. Its responsibilities include reviewing price inflation and charting economic growth, as well as regulating the banks within its territory.