Albemarle names BHP's Ragnar Udd as CEO effective Feb 1, 2027; Masters becomes Executive Chairman

ALBEMARLE CORP

Udd, currently BHP Chief Commercial Officer, appointed President and CEO effective Feb 1, 2027; also joins Board.
Kent Masters transitions to Executive Chairman, serving through 2027 annual meeting; Gerald Steiner remains Lead Independent Director.
Udd receives $1.3M base salary, 135% target bonus, $1.4M cash sign-on, $11M make-whole equity, and $7.5M 2027 LTI.
Severance multiples: 2.0x for non-change-in-control, 3.0x for change-in-control; two-year non-compete applies.
Masters' compensation unchanged until transition; prorated AIP bonus for 2027 only through March 31.

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