BASF CEO Kurt Bock leaves

  • Push-out Score suggests push-out forces
  • After seven years in the position
  • Praise for Bock
  • Martin Brudermüller taking over

(exechange) — Ludwigshafen, Germany, December 21, 2017 — Kurt Bock, chief executive of BASF, leaves. His departure is made public at an early stage. As announced by BASF SE in a news release on Thursday, December 21, 2017, Kurt W. Bock leaves his post as Chief Executive Officer at the largest chemical producer in the world after seven years in the position, effective May 4, 2018.

Bock’s duties will be taken over by Martin Brudermüller, currently Vice Chairman of the Board of Executive Directors and Chief Technology Officer at BASF SE.

Bock’s move is part of a management shake-up.

“Change will allow Bock to be elected as chair of BASF’s Supervisory Board in 2020”

The management change is explained as follows. BASF said: “This change will allow Bock to be elected as a member and chair of BASF’s Supervisory Board in 2020 after the end of the statutory two-year cooling-off period.”

Precise information about Bock’s future plans was not immediately available.

Bock is stepping down three years earlier than expected.

Under German law, members of the executive board of a company can only join the Supervisory Board after a two-year cooling off period.

“Succeed”

BASF said: “Brudermüller will succeed Dr. Kurt Bock (59), who is BASF’s Chairman since 2011 and has been a member of the Board of Executive Directors since 2003.”

Chaired by Jürgen Hambrecht

BASF SE is chaired by Jürgen Hambrecht.

Hambrecht serves as Chairman of the Supervisory Board of BASF SE. Hambrecht worked for more than 35 years in various areas at BASF worldwide; from 1997 as a member of the Board of Executive Directors and from 2003 until his retirement in May 2011 as its Chairman.

In the position of CEO since 2011

Bock serves as Chairman of the Board of Executive Directors of BASF SE (CEO) since May 6, 2011.

Kurt Bock was born in Rahden, Eastern Westphalia, Germany, in 1958.

From 1977 he studied business administration at the Universities of Münster and Cologne as well as at Pennsylvania State University, United States, and received his diploma in 1982 from the University of Cologne.

In 1985, he earned his doctorate (PhD) in economics from the University of Bonn.

Kurt Bock is married and has three children.

Professional Career

  • 2011 Chairman of the Board of Executive Directors, BASF SE, currently responsible for Legal, Taxes, Insurance & Intellectual Property, Corporate Development, Corporate Communications & Government Relations, Senior Executive Human Resources, Investor Relations and Compliance
  • 2003 Member of the Board of Executive Directors and Chief Financial Officer of BASF Aktiengesellschaft (since January 14, 2008 BASF SE), from 2007 onwards also Chairman and CEO of BASF Corporation, New Jersey, United States
  • 2000 President Logistics & Information Services, BASF Aktiengesellschaft
  • 1998 CFO BASF Corporation, New Jersey, United States
  • 1996 Managing Director Robert Bosch Ltda., Campinas, Brazil
  • 1992 Senior Vice President Finance, Robert Bosch GmbH, Stuttgart, Germany
  • 1991 Director Technology, Planning and Controlling, Engineering Plastics, BASF Aktiengesellschaft
  • 1987 Staff to Chief Financial Officer of BASF Aktiengesellschaft
  • 1985 Joined Finance Division of BASF Aktiengesellschaft

Memberships

  • Since 05/2016 Fresenius Management SE, Bad Homburg, Germany (Member of the Supervisory Board)
  • Since 4/2012 United Nations Global Compact Board (UNGC), New York, United States (Member of the Board)
  • Since 9/2011 Conseil Européen de l’Industrie Chimique (The European Chemical Industry Council; CEFIC), Brussels, Belgium (Member of the Board and Executive Committee)
  • Since 9/2011 International Council of Chemical Associations (ICCA)
  • Since 9/2011 Verband der Chemischen Industrie (German Chemical Industry Association, VCI), Frankfurt on the Main (President, since September 24, 2016).
Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Kurt Bock’s move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 52.2017 ($).