BASF Names Markus Kamieth to Succeed Martin Brudermueller as CEO -- 2nd Update
20 Dicembre 2023 - 12:42PM
Dow Jones News
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 mauro.orru@wsj.com
(END) Dow Jones Newswires
December 20, 2023 06:27 ET (11:27 GMT)
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