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Get filing alertsAlbemarle names BHP's Ragnar Udd as next CEO; Kent Masters to become Executive Chair
Filed September 3, 2026 · Period ending September 2, 2026 · ~1 min read
Key Changes
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Ragnar Udd, currently BHP's Chief Commercial Officer, will become President and CEO effective February 1, 2027 or a mutually agreed earlier date.
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Current Chairman and CEO J. Kent Masters, Jr. will transition to Executive Chair of the Board when Udd joins, serving through the 2027 annual meeting.
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Udd's compensation includes a $1.3 million base salary, target bonus of 135% of base, a $1.4 million sign-on bonus, and $11 million in make-whole equity awards.
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For the 2027 award cycle, Udd will receive annual equity awards with an aggregate grant date value of $7.5 million.
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Udd will have severance multiples of 2.0x outside a change in control and 3.0x in connection with a change in control.
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Summary
Albemarle has set a clear leadership succession plan. Ragnar Udd, a senior executive at BHP with over 25 years in global resources, will take over as President and CEO on February 1, 2027. Current CEO Kent Masters will remain as Executive Chairman through the 2027 annual meeting, providing continuity during the transition. Lead Independent Director Gerald Steiner also stays in place.
The incoming CEO's compensation package is substantial, including a $1.3 million base salary, a target bonus of 135% of base, a $1.4 million sign-on bonus, and $11 million in make-whole equity to offset forfeited awards at BHP. He will also receive $7.5 million in annual equity for 2027 and enhanced severance protections. These terms reflect the Board's investment in securing a proven leader for Albemarle's next phase.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Albemarle appoints Ragnar Udd as new CEO effective Feb 1, 2027; J. Kent Masters, Jr. becomes Executive Chair.
Added in current filing · verify on EDGAR →
appointing Ragnar Udd to succeed J. Kent Masters, Jr. as the Company’s President and Chief Executive Officer, effective as of February 1, 2027 or a mutually agreed earlier date
The Board approved a leadership succession plan naming Ragnar Udd as the next President and CEO, effective February 1, 2027 or earlier by mutual agreement. J. Kent Masters, Jr. will transition to Executive Chair of the Board on that date.
Added in current filing · verify on EDGAR →
Mr. Udd will receive a base salary of $1,300,000 per year and will be eligible to receive an annual target bonus under the Company’s annual incentive plan equal to 135% of his annual base salary, with a maximum bonus under the annual incentive plan equal to 200% of his target bonus.
The new CEO's employment agreement sets a $1.3 million base salary, a target annual bonus of 135% of base salary, and a maximum bonus of 200% of target. These are the core cash compensation terms for the incoming chief executive.
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for the 2027 annual award cycle of the Company, Mr. Udd will be granted annual equity awards under the 2026 Plan with an aggregate grant date value of $7,500,000
For the 2027 annual award cycle, the new CEO will receive equity awards valued at $7.5 million. The form and design, including performance-based vesting conditions, will be determined by the Board and will be consistent with other Executive Leadership Team members.
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the severance multiple applicable to Mr. Udd for a qualifying termination of employment other than in connection with a change in control will be “2.0”, (iii) the severance multiple applicable to Mr. Udd for a qualifying termination in connection with a change in control will be “3.0”
The new CEO will participate in the Executive Officer Severance Plan with enhanced multiples: 2.0x for a qualifying termination outside a change in control and 3.0x in connection with a change in control. He will also be subject to two-year post-employment restrictive covenants.
Event · Item 7.01 — Regulation FD Disclosure
Albemarle announced executive leadership changes via press release on September 3, 2026.
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On September 3, 2026, the Company issued a press release announcing the executive leadership changes.
The 8-K discloses that Albemarle issued a press release announcing executive leadership changes, but the body of the filing does not specify which executives are affected or the nature of the changes. The details are contained in Exhibit 99.1, which is not included in the provided text.
Event · Exhibit 99.1
Albemarle names Ragnar Udd as President and CEO effective Feb 1, 2027; Kent Masters becomes Executive Chairman.
Added in current filing · view on EDGAR →
Kent Masters, Chairman and CEO, will transition to the role of Executive Chairman of the Board upon Udd joining the Company.
Current Chairman and CEO Kent Masters will step down as CEO and become Executive Chairman when Udd joins. Masters will serve as Executive Chairman through the 2027 annual meeting, after which his role will be reviewed as part of the Board's annual director nomination process.
Added in current filing · view on EDGAR →
Gerald Steiner will continue to serve as Albemarle’s Lead Independent Director.
Gerald Steiner remains Lead Independent Director, providing continuity in board governance during the leadership transition.
Added in current filing · verify on EDGAR →
He is currently serving as Chief Commercial Officer of BHP and as a member of its executive leadership team, where he has global responsibility for sales and marketing, procurement, maritime activities and commodities market strategy.
Udd brings over 25 years of experience in global resources businesses, including leadership roles at BHP across commercial, operational, technology, logistics and infrastructure functions. His background spans geographies that mirror Albemarle's global footprint.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 4, 2026 · How we verify