Albemarle Leadership Change Asian Sales Focus

Albemarle has announced that BHP’s Chief Commercial Officer Ragnar Udd will succeed Kent Masters as the new President and CEO of Albemarle.

Ragnar’s appointment will take effect in February 2027 once Ragnar’s notice period at BHP elapses. Ragnar will also join Albemarle’s Board of Directors.

Albemarle is currently investing to expand lithium production capacity in response to the recent expansion in the global market for lithium, driven by expanding demand for lithium-ion batteries from the expansion of EVs, electrification in the industrial sector, as well as increasing demand for battery energy storage systems (BESS). Ragnar has experience managing capacity expansions as well as managing long-term commercial supply contracts with Chinese and other East Asian manufacturers. Managing such customer relationships is set to become increasingly important for Albemarle as the lithium market expands.  

Gerald Steiner, Albemarle's Lead Independent Director says: "Rag's appointment as our next CEO follows a comprehensive succession planning process conducted by the Board. 

"Rag brings extensive commercial and operational expertise in natural resources and has successfully led global commercial strategy and advanced disciplined growth across complex businesses."

Commenting on his appointment, Ragnar says: “I am honoured to be named Albemarle's next CEO.”

"Albemarle has world-class natural resources, deep technical expertise and strong customer partnerships. I am excited to work with Kent, the leadership team and the Board to build on the company's strong foundation in both its Energy Storage and Specialties business segments." 

Ragnar’s career so far

Ragnar has held senior leadership roles across commercial, operational, technology, logistics and infrastructure functions, including President Americas before taking the role as Chief Commercial Officer at BHP in March 2024.

BHP remains the largest mining company by market cap, and iron ore had traditionally been one of the largest contributors to the company’s business. Copper surpassed iron ore as the main contributor to BHP's results earlier in 2026.

In his most recent role at BHP, Ragnar assumed global responsibility for sales and marketing, procurement, maritime activities and commodities market strategy. He also closely oversaw the company’s iron ore marketing operation in Singapore.

BHP underwent a significant restructuring programme under former Chief Executive Officer Mike Henry, during which BHP increased its exposure to copper by acquiring OZ Minerals for approximately US$6.4bn, making it the world's largest copper producer.

Kent Masters elevated to Executive Chairman

The current Chairman and CEO, Kent Masters, will move to assume the role of Executive Chairman of the Board when Ragnar joins Albemarle in February.

Kent will lead the Board's governance, contribute to strategic planning, and ensure a seamless handoff of leadership responsibilities.

"Kent has been instrumental in building Albemarle into the industry leader it is today," Gerald continued. "He has played a key role in the development of Albemarle's strategy and driven disciplined execution across cycles. We look forward to his continued contributions as he steps into the Executive Chairman role." Kent oversaw Albemarle's response to the downturn in lithium prices in 2024.

Kent says: "I am proud of what we have achieved together, and I am confident now is the right time to transition the leadership to Rag, who is well positioned to lead Albemarle's future.

"I look forward to working closely with him to ensure a seamless transition."