Corrected: UPDATE 4-Lithium giant Albemarle names BHP's Ragnar Udd as next CEO

Albemarle

03/09/2026 13:12

Corrects paragraph six to "paused plans to build" from "cancelled"
Udd to become CEO of lithium producer in February
Outgoing CEO Kent Masters to become executive chairman
Udd will need to handle lithium industry rebound
Udd leaving BHP after nearly 30 years
Sept 3 (Reuters) - Albemarle ALB.N said on Thursday that BHP BHP.AX executive Ragnar Udd would become its next CEO in February, a move that adds a veteran mining executive to lead the world's largest lithium producer as it works to recover from a prolonged industry downturn.
Udd, who said earlier this week he would step down as BHP's chief commercial officer, will replace Kent Masters, 65, who will become executive chairman after nearly seven years as CEO.
A 54-year-old Canadian, Udd will relocate to Albemarle's North Carolina headquarters next year. He will face the immediate challenge of guiding the company through an era of turbulent market pricing while also maintaining relationships with Tesla TSLA.O, General Motors GM.N, Panasonic 6752.T and other key customers.
Albemarle runs the only U.S. lithium mine, has major lithium production facilities in Chile and Australia, and processes much of the metal in China, where many of its battery customers are located.
Lithium prices plunged from record highs in 2023 after a surge in production, particularly in China, created a glut and forced producers to cut costs, delay projects and restructure operations. 
Albemarle itself sharply cut spending, laid off staff and paused plans to build a key U.S. lithium refining project, part of what Masters said was a plan to operate in a "lower for longer" price environment. 
In 2024, for example, Masters vowed that everything but Albemarle's dividend — which had been raised annually for the preceding 25 years — was on the chopping block.
Prices have recovered in recent months as supply has tightened, but remain below their 2023 peaks, even as demand for lithium from battery storage and electric vehicle manufacturers continues to rise. 
Udd did not immediately respond to an interview request.
At BHP, Udd led negotiations with China Mineral Resources Group at a ‌time ⁠when the state buyer ramped up pressure on BHP and other iron ore miners to win better terms for its steelmakers. 
He had been seen by ​some analysts and investors as a contender for the top ​job at BHP. That position went to Brandon Craig, who ⁠started in July.
Masters was appointed Albemarle's chairman and CEO in April 2020, taking the helm just as the COVID-19 pandemic was disrupting global supply chains.
He will remain executive chairman through the company's 2027 annual shareholder meeting, after which the board will review his position annually. Masters previously served as the company's lead independent director.
Albemarle shares were marginally down in morning trading. 

 (Reporting by Ernest Scheyder in Houston, Pranav Mathur and Arunima Kumar in Bengaluru; Editing by Shilpi Majumdar and Alex Richardson)
 ((ernest.scheyder@thomsonreuters.com; X: @ErnestScheyder; +1-469-691-7667; Reuters Messaging: ernest.scheyder.thomsonreuters.com@reuters.net))