Albemarle Corporation announced on September 2, 2026, that its Board of Directors has approved a leadership succession plan. Ragnar Udd, age 54, has been appointed to succeed J. Kent Masters, Jr. as President and Chief Executive Officer. Mr. Udd will assume the role effective February 1, 2027, or a mutually agreed earlier date. Upon Mr. Udd’s commencement as CEO, Mr. Masters will transition to the position of Executive Chair of the Board.
Mr. Udd currently serves as Chief Commercial Officer of BHP, where he has global responsibility for sales and marketing, procurement, maritime activities, and commodities market strategy. Prior to this role, he held senior leadership positions at BHP, including President of the Americas, where he led the copper and potash businesses. Mr. Udd has over 25 years of experience in leading global resources businesses in geographies that mirror Albemarle’s footprint, including Australia, Asia, North and South America.
The company entered into an Executive Employment Agreement with Mr. Udd on September 2, 2026. The agreement stipulates a base salary of $1,300,000 per year. He is eligible for an annual target bonus equal to 135% of his base salary, with a maximum bonus of 200% of the target. Additionally, Mr. Udd will receive a cash sign-on bonus of $1,400,000, which will vest in two installments: 50% upon the CEO Employment Commencement Date and 50% on July 1, 2027, subject to continued employment or specific termination conditions.
To compensate for equity awards Mr. Udd is forfeiting from his prior employer, he has been granted a total of $11,000,000 in RSUs and PSUs under the Albemarle Corporation 2026 Incentive Plan. This includes $4,400,000 in RSUs vesting ratably over two years and $6,600,000 in Performance Share Units (PSUs) tied to the 2025-27 and 2026-28 performance cycles. The agreement also grants Mr. Udd annual equity awards with an aggregate grant date value of $7,500,000 for the 2027 cycle, with future cycles’ values and design determined by the Board.
Regarding severance, the agreement provides that Mr. Udd is eligible for severance payments with a multiple of 2.0 for a qualifying termination other than a change in control, and 3.0 for a termination connected with a change in control. He is also subject to non-competition, non-solicitation, and other restrictive covenants for two years following termination. Mr. Masters has entered into a separate Letter Agreement to serve as Executive Chair through the date of the company’s 2027 annual meeting of shareholders.
