BASF Says Supervisory Board Hasn’t Looked at Executive Contracts

BASF SE (BAS), the world’s biggest chemical maker, said its supervisory board hasn’t yet looked into the issue of extending management board contracts, after a media report that it might not renew one that’s expiring.

The contract of executive board member Andreas Kreimeyer, 59, runs until May next year, the spokeswoman said by phone today. Bilanz magazine had earlier reported that the Ludwigshafen, Germany-based company wouldn’t extend Kreimeyer’s contract, without saying where it got the information.

Kreimeyer, who has been with BASF since 1986, is responsible for the divisions for crop protection, plant science and coatings as well the South America region. He also heads the chemical maker’s push into new business areas amid a goal of generating a quarter of sales from products that are less than 10 years old by the end of the decade.

Of the eight executive board members at BASF, the contracts of Kreimeyer and Wayne T. Smith expire in 2015, according to the company’s annual report.

To contact the reporter on this story: Sheenagh Matthews in Frankfurt at smatthews6@bloomberg.net

To contact the editors responsible for this story: Simon Thiel at sthiel1@bloomberg.net Robert Valpuesta, Thomas Mulier

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