BASF Appoints New CEO With Sector Pressure Mounting
- Firm to cut costs, jobs to deal with Europe’s energy crisis
- German chemical sector sees industry in deep recession
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BASF SE is swapping out its chief executive officer as Europe’s biggest chemicals maker is taking steps to streamline its business after coming under pressure in the region’s energy crisis.
Current Asia head Markus Kamieth, 53, will take over from Martin Brudermüller in April, the German company said Wednesday following a supervisory board meeting. Brudermüller, 62, has been in the post since 2018 and his contract is due to run out early next year.