Deals
BASF's New CEO Urged to Upgrade Portfolio, Seek Acquisitions
- Brudermueller taking over as CEO following investor meeting
- Shareholders keen to see more M&A and innovation spending
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Martin Brudermueller, ushered in today as BASF SE’s 13th chief executive in its 153-year history, needs to pick up the pace of innovation and deal-making to shake the German chemical company’s staid image, according to investors.
After spending most of his seven years at the helm honing BASF’s efficiency, outgoing CEO Kurt Bock ended his tenure with moves including an opportunistic deal to buy agrochemical and seed assets from Bayer AG for almost 8 billion euros ($9.6 billion). In a parting message to shareholders at Friday’s annual general meeting, he said there’s more for his successor to do.