Albemarle Announces CEO Succession: Ragnar Udd Appointed President & CEO

Executive Leadership Succession

On September 2, 2026, the Board of Directors of Albemarle Corporation approved a leadership succession plan appointing Ragnar Udd to succeed J. Kent Masters, Jr. as the Company's President and Chief Executive Officer, effective February 1, 2027 (or a mutually agreed earlier date). Mr. Masters will transition to the role of Executive Chair of the Board effective as of the CEO employment commencement date.

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Executive Profile: Ragnar Udd

• Age: 54
• Prior Role: Chief Commercial Officer of BHP; member of BHP's Executive Leadership Team with global oversight of sales, marketing, procurement, maritime activities, and commodity market strategy.
• Past Roles: President Americas at BHP (overseeing copper and potash businesses), interim Chief Technology Officer, BHP Mitsubishi Asset President, and VP Logistics and Infrastructure for Western Australia Iron Ore.

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Key Terms of Executive Employment Agreement

• Base Salary: $1,300,000 per annum.
• Annual Incentive Plan (AIP): Target bonus equal to 135% of annual base salary (maximum payout capped at 200% of target).
• Make-Whole Cash Sign-On Bonus: $1,400,000 payable across two equal installments (50% on start date, 50% on July 1, 2027) compensating for forfeited fiscal 2027 cash bonus from prior employer.
• Make-Whole Equity Awards: $11,000,000 grant date target value to replace forfeited equity awards:
  • $4,400,000 RSUs: Vesting ratably over two years.
  • $2,970,000 PSUs: Tied to 2025–2027 performance cycle.
  • $3,630,000 PSUs: Tied to 2026–2028 performance cycle.
• 2027 Long-Term Incentive (LTI) Grant: Aggregate grant date target value of $7,500,000.
• Severance Terms: Participation in the Executive Officer Severance Plan (ESP) with a 2.0x multiple for non-change-in-control qualifying termination and a 3.0x multiple for change-in-control qualifying termination.
• Relocation Benefits: Relocation allowance and support capped at $440,000 aggregate ($220,000 inbound relocation; $220,000 outbound relocation upon qualifying termination).

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Transition Agreement with J. Kent Masters, Jr.

• Mr. Masters will serve as Executive Chair from the CEO start date through the 2027 Annual Meeting of Shareholders, subject to the annual director nomination process thereafter.
• Base compensation remains unchanged under his amended employment agreement, with a prorated 2027 AIP bonus through March 31, 2027.