Albemarle said it will replace chief executive Kent Masters with Ragnar “Rag” Udd, effective Feb. 1, 2027, and will move Masters into the role of executive chairman.
Udd, now chief commercial officer at BHP, will also join Albemarle’s board when he becomes CEO. He has more than 25 years of experience across global resources businesses, including senior roles in commercial, operational, technology, logistics and infrastructure functions. At BHP, he has had responsibility for sales and marketing, procurement, maritime activities and commodities market strategy, and previously led the company’s Americas region, including its copper and potash businesses.
Masters will remain chairman and CEO until Udd joins, then shift to executive chairman. Albemarle said he will lead board governance, provide input on strategy and oversee a smooth handoff of duties. He will serve in that role through the company’s 2027 annual meeting of shareholders, after which the board will review the position as part of its annual director nomination process.
The company framed the move as the result of a board succession process and said Udd’s background spans Australia, Asia, North America and South America, matching Albemarle’s global footprint. Albemarle highlighted its two main business segments, energy storage and specialties, as the areas Udd will help steer. Following these announcements, the company's shares moved -4.85%, and are now trading at a price of $125.75. Check out the company's full 8-K submission here.
