CHARLOTTE – Albemarle Corp. has appointed BHP executive Ragnar “Rag” Udd president and chief executive officer, effective Feb. 1, 2027. He will also join Albemarle’s board of directors.
Chairman and CEO Kent Masters will move into the executive chairman role when Udd joins the company. Albemarle said Masters will serve as executive chairman through the company’s 2027 annual meeting, after which the board will review his role annually as part of its director nomination process. Gerald Steiner will continue as lead independent director.
Udd has more than 25 years of experience leading global resources businesses across Australia, Asia and North and South America. He is BHP’s chief commercial officer and a member of its executive leadership team, with responsibility for global sales and marketing, procurement, maritime activities and commodities market strategy.
His earlier BHP roles include president of the Americas, where he led the company’s copper and potash businesses, as well as interim chief technology officer, BHP Mitsubishi Alliance asset president and vice president of logistics and infrastructure for Western Australia Iron Ore.
Reuters reported that Udd, 54, is Canadian and plans to relocate to Albemarle’s North Carolina headquarters in 2027. He succeeds Masters, who has led Albemarle since April 2020.
The leadership change comes as the lithium producer navigates a volatile market. Reuters reported that lithium prices fell from record highs in 2023 after a surge in production created a supply glut, prompting producers to cut costs, delay projects and restructure operations. Prices have recovered in recent months and remain below their 2023 peaks.
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