BASF CEO Successor Named

BASF SE has announced that company veteran Markus Kamieth will succeed Martin Brudermuller as CEO of BASF in April after Brudermuller's contract comes to full term.

Markus Kamieth has been a member of the Board of Executive Directors since 2017.  In the new role, he will also become the Chairman of the Board. He is expected to support BASF as it works to streamline its operations and address rising energy costs in the European market.

In a statement, the German company said Kamieth would replace CEO Martin Brudermueller in April, with the latter having previously been appointed to become non-executive chairman of Mercedes-Benz.

Chief technology officer Melanie Maas-Brunner would not renew her current contract beyond Jan. 31, BASF added.

The board had considered both Kamieth and Maas-Brunner for the top job, sources familiar with the matter have told Reuters, though media reports had described Kamieth as frontrunner.

"A few months ago, I made the decision not to extend my board contract and to pursue a new professional direction," Maas-Brunner said on LinkedIn.

BASF has a history of recruiting its own for top executive positions.

The transition comes after BASF renewed its commitment to build a 10 billion euro ($11-billion) chemical complex in southern China to tap into faster growth there and cut what it has called disproportionate reliance on subdued European home markets.

In October, BASF had planned further cost cuts in Europe, scaled-back investments, and earnings projections, citing an "extremely uncertain" global economic outlook.

In addition, BASF is preparing to convert its agriculture, battery materials, and coatings businesses into autonomous units.