BASF SE (BAS.XE) said Thursday that it has appointed Martin Brudermueller to succeed Kurt Bock as chief executive officer as part of its long-term succession planning.
Mr. Brudermueller, 56, will take the helm effective May 4. Mr. Brudermueller is currently BASF's chief technology officer and deputy CEO. He has been with the company since 1988.
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Mr. Brudermueller succeeds Kurt Bock, who has been BASF's chief executive since 2011 and a member of the board since 2003. The company has asked Mr. Bock to stand for election to its supervisory board in 2020 following the end of the statutory two-year cooling-off period.
BASF also appointed Chief Financial Officer Hans-Ulrich Engel as deputy CEO and extended the board appointments of Mr. Brudermueller, Mr. Engel and Sanjeev Gandhi by five years. Mr. Engel, 58, will retain his position as CFO.
In addition, in May the number of board members will be reduced to seven from eight, the company said.
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(END) Dow Jones Newswires
December 21, 2017 04:34 ET (09:34 GMT)