MOSCOW (MRC) -- BASF has extended the CEO term for current chief Martin Brudermuller and named Dirk Elvermann, leader of the company’s corporate finance division, as next in line to be CFO, said the company.
The Germany-headquartered chemicals producer’s supervisory board agreed to extend Brudermuller’s CEO term until the end of the 2024 annual shareholders meeting, after originally being scheduled to conclude at the close of 2023.
“I am pleased that Martin Brudermuller will continue to lead the company with prudence and determination in these difficult times,” said supervisory board chief and former company CEO Kurt Bock.
The board also selected Elvermann as the successor to current CFO Hans-Ulrich Engel, who is set to retire after the company’s 2023 annual shareholders meeting, slated for April next year.
Elvermann joined the company in 2003 and has been heading the corporate finance division since 2019, with previous roles including CFO of oil and gas arm Wintershall and managing director of the company’s Poland operations.
BASF has released preliminary figures for the third quarter of 2022. Sales, income from operations (EBIT) before special items and EBIT are slightly above average analyst estimates. Net income of BASF Group is expected to amount to EUR909 million. This is considerably below the prior-year quarter figure (Q3 2021: EUR1,253 million) and the average analyst estimates for the third quarter of 2022 ( EUR1,105 million). Net income contains non-cash-effective impairments on the shareholding in Wintershall Dea in the amount of about EUR740 million. These result from the partial write-down of Wintershall Dea’s participation in Nord Stream AG, which operates the Nord Stream 1 pipeline.
BASF is the world's largest chemical concern. The company's large portfolio of offers includes chemicals, plastics, special products, plant protection products, solutions for the agricultural sector, as well as oil and natural gas. The concern was founded on April 6, 1865. The headquarters is located in the city of Ludwigshafen, Germany.