BASF Names Markus Kamieth to Succeed Martin Brudermueller as CEO -- 2nd 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 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.

During Brudermueller's tenure, BASF sought to launch an initial public offering for Wintershall Dea, but it called off the move given the company's involvement in Russian projects and the difficulties of extricating itself from that market. In 2021, BASF laid out plans to eliminate up to 2,000 jobs in its global business services unit and around 600 positions at its Ludwigshafen site in Germany.

On Wednesday, the group also appointed Anup Kothari, currently president of the nutrition and health division, to the board of executive directors effective March 1. Katja Scharpwinkel, currently president of the Europe, Middle East, Africa region, was appointed to the board effective Feb. 1, replacing Melanie Maas-Brunner. The contract of board member Michael Heinz was extended until 2026.

Write to Mauro Orru at [e-mail]

(END) Dow Jones Newswires

December 20, 2023 06:27 ET (11:27 GMT)

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