Albemarle has appointed Ragnar “Rag” Udd as President and Chief Executive Officer, effective February 1, 2027, as part of a planned leadership succession at the lithium and specialty chemicals company. Udd will also join Albemarle’s Board of Directors when he assumes the CEO role.
Current Chairman and CEO Kent Masters will transition to Executive Chairman of the Board, while Gerald Steiner will continue serving as Lead Independent Director.
Udd brings more than 25 years of experience leading global natural resources businesses across regions that closely overlap with Albemarle’s international footprint, including Australia, Asia and North and South America.
He currently serves as Chief Commercial Officer of BHP and is a member of the company’s executive leadership team.
In that role, Udd has global responsibility for sales and marketing, procurement, maritime operations and commodities market strategy.
He previously held a number of senior positions at BHP spanning commercial operations, technology, logistics, infrastructure and business leadership.
Those roles included President Americas, where he led BHP’s copper and potash businesses.
Udd also served as interim Chief Technology Officer, BHP Mitsubishi Asset President and Vice President of Logistics and Infrastructure for Western Australia Iron Ore.
The appointment follows what Albemarle described as a comprehensive succession planning process conducted by its Board.
The company is positioning Udd’s combination of commercial and operational experience as important to its next phase of growth across its Energy Storage and Specialties business segments.
Albemarle is a major global producer of lithium and bromine, supplying materials used across mobility, energy, connectivity and health applications.
As demand for battery materials and other specialty chemicals evolves, the company is focused on balancing operational discipline with long-term investment across its resource portfolio.
Masters will remain closely involved in the company following the CEO transition.
As Executive Chairman, he will lead the Board’s governance activities, provide input on strategic planning and help ensure continuity as Udd takes over day-to-day leadership.
Masters is expected to serve as Executive Chairman through the date of Albemarle’s 2027 annual meeting of shareholders.
After that meeting, his role will be reviewed as part of the Board’s regular annual director nomination process.
The transition gives Albemarle several months to prepare for the change in leadership while allowing Udd and Masters to work together as responsibilities shift.
Albemarle said the succession plan is intended to maintain continuity while positioning the company for its next stage of long-term development.
KEY QUOTES:
“Rag’s appointment as our next CEO follows a comprehensive succession planning process conducted by the Board. Rag brings extensive commercial and operational expertise in natural resources and has successfully led global commercial strategy and advanced disciplined growth across complex businesses. We are confident he is the right leader to capitalize on our industry-leading portfolio and operational capabilities to unlock long-term value for shareholders.”
Gerald Steiner, Lead Independent Director of Albemarle
“I am honored to be named Albemarle’s next CEO. Albemarle has world-class natural resources, deep technical expertise and strong customer partnerships. I am excited to work with Kent, the leadership team and the Board to build on the Company’s strong foundation in both its Energy Storage and Specialties business segments.”
Ragnar Udd, Incoming President and CEO of Albemarle
“Kent has been instrumental in building Albemarle into the industry leader it is today. He has played a key role in the development of Albemarle’s strategy and driven disciplined execution across cycles. Importantly, Kent’s steadfast commitment to our core values has strengthened Albemarle’s profile as a values-led, purpose-driven organization. We look forward to his continued contributions as he steps into the Executive Chairman role.”
Gerald Steiner, Lead Independent Director of Albemarle
“It has been a privilege to serve as CEO and work alongside Albemarle’s incredible team every day. I am proud of what we have achieved together, and I am confident now is the right time to transition the leadership to Rag, who is well positioned to lead Albemarle’s future. I look forward to working closely with him to ensure a seamless transition.”
Kent Masters, Chairman and CEO of Albemarle
