BASF SE Welcomes Dr. Markus Kamieth as Chairman as Dr. Martin Brudermüller Departs Amidst Fiscal Realignment

In the aftermath of the Annual Shareholders’ Meeting 2024, BASF SE stands poised at a juncture of transition and fiscal realignment, with Dr. Markus Kamieth ascending to the esteemed position of Chairman of the Board of Executive Directors. The ceremonial baton-passing, held at the Rosengarten Congress Center in Mannheim, Germany, saw outgoing Chairman Dr. Martin Brudermüller symbolically presenting Dr. Kamieth with a cycling jersey emblazoned with the iconic BASF logo, emblematic of continuity and collective aspiration within the organization.

Dr. Markus Kamieth’s indelible journey with BASF traces back to his academic fervor, culminating in a doctorate in organic chemistry from the University of Essen in 1998. Since his induction into the company’s fold in 1999, Dr. Kamieth’s unwavering resolve and visionary leadership have served as guiding beacons, steering BASF toward sustainable growth and unparalleled innovation. His elevation to the Board of Executive Directors in 2017 bears testament to his strategic acumen and unwavering commitment to the company’s core values.

However, Dr. Kamieth’s stewardship commences against a backdrop of fiscal recalibration as BASF navigates through a challenging economic milieu characterized by a drop in first-quarter adjusted earnings and sales. BASF disclosed a 5.3% decline in quarterly earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted for one-off items, totaling $2.89 billion. This downturn was partly attributed to heightened bonus provisions and downturns in the agrochemicals, surface treatment, and catalyst segments. Despite these headwinds, BASF’s performance exceeded analysts’ expectations.

In tandem, BASF reported a notable 12% decline in first-quarter sales, amounting to $18.9 billion, as the company grappled with the repercussions of lower prices across almost all segments, missing analysts’ forecasts of $19.9 billion.

Despite these challenges, Dr. Brudermüller, in his valedictory address to shareholders, reaffirmed BASF’s previous adjusted earnings forecast for 2024, maintaining a range of $8.6 billion to $9.2 billion. This forward-looking outlook underscores BASF’s strategic resilience and steadfast commitment to long-term value creation amidst prevailing market exigencies.

As Dr. Kamieth assumes leadership, BASF is positioned at the cusp of transformative change, underscored by ongoing structural overhauls and strategic realignments aimed at bolstering operational efficiency and market competitiveness. His stewardship promises to usher in a new era of innovation, sustainability, and strategic foresight as BASF redoubles its efforts to deliver sustainable solutions and create enduring value for all stakeholders. With Dr. Kamieth at the helm, BASF embarks on a voyage of resilience and renewal, poised to navigate through challenges and seize emergent opportunities, thereby charting a course toward sustainable growth and global leadership.

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