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Petroplus Holdings AG has announced that the Board of Directors has elected Jean-Paul Vettier as the company’s new Chief Executive Officer (CEO).

Effective 1 September 2009, Vettier will carry out his role as CEO from the company’s headquarters in Zug, Switzerland. Bob Lavinia, will retire as CEO effective 1 September.

Commenting on the new CEO, Thomas O’Malley, Petroplus’s Chairman, said “With more than 35 years of experience in the petroleum and chemical industries, Jean-Paul brings an extraordinary level of expertise to the company. As the former head of refining and marketing for Total, he effectively ran the largest refining system in Western Europe.

"He has the experience, qualities and personal leadership to drive Petroplus forward and take advantage of growth opportunities in the future. Jean Paul was intimately involved in the acquisitions of Petrofina and Elf Aquitaine and the subsequent integration of three separate refining systems (Total, Elf and Petrofina) into one unified organization at Total. Jean-Paul will provide great support for our growth strategy and he will also provide continued focus on running our existing refining operations.

"Jean-Paul brings the experience of operating a successful, multisite, European refining system. His refining experience provides the necessary background to enhance and further develop our operational reliability programs within our company."

Vettier’s position in the European refining industry is well established, primarily through his role as CEO of the Refining and Marketing division of Total from 1993 through 2006. For two terms, he was 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. He has also served on a number of Boards of Directors in Europe and North America.”

Commenting on his new appointment, Vettier said, “The team at Petroplus has built a strong Company in a few short years. I intend to continue that growth while focusing on safety and reliability, without forgetting profitability. I am honored to be given this opportunity to join the leadership at Petroplus.”

Regarding the departure of Bob Lavinia as CEO, O’Malley said “I am pleased that Bob has decided to remain on the company’s Board of Directors and believe he will continue to provide value to the company as a member of the Board. We thank him for his service and important contributions provided during his tenure as CEO and wish him the best in his retirement.”

Petroplus is the largest independent refiner and wholesaler of petroleum products in Europe. Earlier this month, the company announced that it made a net loss of $11.3 million in the first quarter of 2009 following a 38 percent fall in revenue year-on-year.

Net income dropped by $76.5 million from $65.2 million in 2008 as revenues plummeted from $5,422.1 million to $3.364.7 million.