BASF Names Markus Kamieth to Succeed Martin Brudermueller as CEO -- Update
20 December 2023 - 10:10PM
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 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 mauro.orru@wsj.com
(END) Dow Jones Newswires
December 20, 2023 05:55 ET (10:55 GMT)
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