Albemarle names Ragnar Udd CEO effective February 1, 2027; Masters to Executive Chair.

Albemarle’s board approved a succession plan on September 2 naming Ragnar “Rag” Udd — age 54 and currently BHP’s chief commercial officer — as president and CEO effective February 1, 2027, with Chairman and CEO J. Kent Masters, Jr. set to become executive chair when Udd joins.

Albemarle Corporation filed a Form 8-K (AccNo 0001140361-26-035623; Date of earliest event September 2, 2026; Items 5.02, 7.01, and 9.01; SEC atom updated 2026-09-03T17:00:33-04:00) disclosing a Board-approved leadership succession plan. On September 3, 2026, the company furnished Exhibit 99.1, a Charlotte-dated press release titled “Albemarle Announces CEO Succession Plan.”

Who takes over — and when

Item 5.02 says that on September 2, 2026, the Board appointed Ragnar Udd to succeed J. Kent Masters, Jr. as President and Chief Executive Officer, effective February 1, 2027 or a mutually agreed earlier date (the “CEO Employment Commencement Date”). Effective as of that date, Masters will transition to the role of Executive Chair of the Board — the filed 8-K title. Exhibit 99.1 prints the same transition as “Executive Chairman” and states that Udd will also join the Albemarle Board of Directors. Gerald Steiner will continue as Lead Independent Director.

The press release frames the move as following “a comprehensive succession planning process conducted by the Board,” per Lead Independent Director Steiner.

Udd’s background as printed

The 8-K bio states Mr. Udd is age 54 and has over 25 years of experience leading global resources businesses in geographies that closely mirror Albemarle’s footprint, including Australia, Asia, and North and South America. He is currently Chief Commercial Officer of BHP and a member of its executive leadership team, with global responsibility for sales and marketing, procurement, maritime activities, and commodities market strategy. He was appointed BHP Chief Commercial Officer in March 2024. Before that, he served as President Americas, leading BHP’s copper and potash businesses from November 2020 until March 2024, and earlier as interim Chief Technology Officer, BHP Mitsubishi Asset President, and Vice President Logistics and Infrastructure for Western Australia Iron Ore. Exhibit 99.1 restates the same commercial and operating résumé without the March 2024 / November 2020 date stamps.

In the furnished release, Udd said he looks forward to working with Masters, the leadership team, and the Board “to build on the Company’s strong foundation in both its Energy Storage and Specialties business segments.”

Masters as Executive Chair / Executive Chairman

Exhibit 99.1 says Masters will serve as Executive Chairman through the date of the company’s 2027 annual meeting of shareholders, after which his role will be reviewed as part of the Board’s annual director nomination process. Item 5.02’s letter-agreement summary matches that through-2027-meeting structure for Executive Chair service and notes that Masters’s compensation remains unchanged before the CEO Employment Commencement Date and thereafter continues under his July 30, 2025 employment agreement, with a prorated 2027 annual incentive only for the portion of the performance period elapsed prior to March 31, 2027.

Compensation disclosed in Item 5.02

On September 2, 2026, Albemarle and Udd entered an Executive Employment Agreement. From the CEO Employment Commencement Date, the 8-K states Udd will receive a base salary of $1,300,000 per year and will be eligible for an annual target bonus equal to 135% of base salary under the company’s annual incentive plan, with a maximum equal to 200% of target.

In recognition of a forfeited fiscal-year 2027 bonus from his prior employer, the agreement provides a cash sign-on bonus of $1,400,000 (50% on the commencement date and 50% on July 1, 2027, subject to continued employment or service, with earlier vesting on certain terminations after a release). In recognition of forfeited unvested equity at his prior employer, Udd will receive Make-Whole Equity Awards under the Albemarle Corporation 2026 Incentive Plan with an aggregate grant date target value of $11,000,000 — comprising RSUs with a grant date target value of $4,400,000 vesting ratably over two years, plus PSUs with grant date target values of $2,970,000 (2025–27 performance cycle) and $3,630,000 (2026–28 performance cycle).

For the 2027 annual award cycle, the 8-K states Udd will be granted annual equity awards with an aggregate grant date value of $7,500,000; form and design (including any performance conditions) are left to Board discretion, with performance standards consistent with other Executive Leadership Team members. He will participate in the Executive Officer Severance Plan with printed severance multiples of “2.0” (qualifying termination other than in connection with a change in control) and “3.0” (qualifying termination in connection with a change in control), plus two-year post-termination non-competition and non-solicitation covenants.

The 8-K also states there is no arrangement or understanding with any other person pursuant to which Udd was selected as CEO, no related-party transactions reportable under Item 404(a), and no family relationships with directors or executive officers.

Still open after the announcement

Whether the parties mutually accelerate the CEO Employment Commencement Date before February 1, 2027. Exact date of the 2027 annual meeting of shareholders. Form and design of the 2027 LTI Awards once the Board sets them. Final grant-date share counts for the Make-Whole Equity Awards. Any later amendment to the employment or letter agreements. Companies/ALB on tickergrove.com is currently a soft 404 and is not required for this filing story.