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BASF Supervisory Board to Propose Ex-CEO Hambrecht as Chairman

BASF SE’s supervisory board will propose former Chief Executive Officer Juergen Hambrecht as chairman after the manager waited longer than the mandatory two-year cooling-off period.

Current chairman Eggert Voscherau, 70, and Max Dietrich Kley, 73, are not available for re-election, the Ludwigshafen, Germany-based chemical maker said today in a statement. An annual dividend of 2.70 euros will be proposed at the annual shareholder meeting on May 2, the company said.

Hambrecht, 67, was CEO of BASF from 2003 to 2011. He oversaw the company’s biggest acquisitions, including U.S. catalyst maker Engelhard Corp. for $5 billion and Switzerland’s Ciba Holding AG and Cognis Holding GmbH for about $5 billion and $3.8 billion, respectively. His successor Kurt Bock has shown less appetite for larger purchases, instead adding technologies in smaller deals.

The supervisory board is also proposing British citizen Alison Carnwath, currently at U.S. advisory firm Evercore Partners Inc., to the chemical maker’s board for the first time. Carnwath, 61, is a member of Zurich Insurance Group Ltd.’s board and an independent chairman of ISIS Equity Partners LLP as well as chairman of Land Securities Group Plc. board, BASF said.

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