BASF Names Markus Kamieth to Succeed Martin Brudermueller as CEO -- Update

By Mauro Orru

BASF said Markus Kamieth would succeed Martin Brudermueller, who will step down as chief executive and chairman of the board of executive directors in April after almost six years at the helm of the German chemicals giant.

The company said Wednesday that Kamieth, who has been a member of the board of executive directors since 2017, would take charge at the end of BASF's annual shareholders' meeting on April 25.

"With Markus Kamieth, we have a highly competent and experienced successor, who has achieved excellent results for BASF during his diverse professional positions in Germany, the United States and Asia," said Kurt Bock, chairman of the supervisory board.

Brudermueller steered BASF through exceptionally challenging times marked by Russia's invasion of Ukraine and its implications for the energy market. Last year, BASF booked billions of euros in impairments from its shareholding in oil-and-gas producer Wintershall Dea, the deconsolidation of Wintershall Dea's Russian exploration and production activities, its European gas transportation business, the shareholding in Nord Stream and the financing of the Nord Stream 2 pipeline project.

Write to Mauro Orru at [e-mail]

(END) Dow Jones Newswires

December 20, 2023 05:55 ET (10:55 GMT)

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