LyondellBasell names ConocoPhillips' Gallogly as CEO

NEW YORK, May 14 (Reuters) - Bankrupt chemical company LyondellBasell [ACCEIN.UL] said on Thursday that Jim Gallogly, head of exploration and production at ConocoPhillips COP.N, would take over as chief executive officer effective immediately.

Gallogly, who began his career at what was then Phillips Petroleum Company in 1980, replaces Volker Trautz.

LyondellBasell's U.S. unit, Lyondell Chemical Co. ACCELC.UL, first filed for bankruptcy in January after being squeezed by a weak economy and a heavy debt load that was brought on when the company was taken private by Access Industries about a year earlier.

Luxembourg-based holding company LyondellBasell Industries AF SCA filed for Chapter 11 protection in the United States in April.

Gallogly, who was previously a refining executive, had held the top exploration and production position at ConocoPhillips since October. At that time, the oil company named its Chief Financial Officer John Carrig as president and chief operating officer, a move seen as positioning Carrig to be the successor to ConocoPhillips CEO Jim Mulva.

The appointment is subject to bankruptcy court approval. The case is in re: Lyondell Chemical Co. No 09-10023, U.S. Bankruptcy Court, Southern District of New York. (Reporting by Caroline Humer; Editing by Maureen Bavdek)