July 15 (Reuters) - Chemicals maker Westlake on Monday named former Mitsubishi Chemical Group CEO Jean-Marc Gilson as its chief executive, effective today.

The company said Gilson would replace Albert Chao, who would become the executive chairman of the Westlake board after serving as the CEO over the last two decades.

Chao took charge of the company in July 2004 after helping his father T.T. Chao and his brother James Chao in founding Westlake in 1985.

Gilson assumed leadership of Mitsubishi Chemical in April 2021 and had stepped down in March this year.

The newly appointed CEO would receive an annual base salary of $1.25 million, according to a regulatory filing.

Westlake's products are used across a wide range of industries including residential construction, automotive products, water treatment and coatings. (Reporting by Sourasis Bose in Bengaluru; Editing by Vijay Kishore)