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BASF chair to vacate post to stand for supervisory board election

BASF SE announced a major restructuring at its board of directors, effective May 4, 2018, when Chairman Kurt Bock will vacate his post to stand in election for the company's supervisory board after a two-year cooling-off term.

The current Vice Chairman Martin Brudermüller was elected to succeed the departing head, while board member Hans-Ulrich Engel was nominated as new vice chairman.

Brudermüller, Engel and Sanjeev Gandhi were re-elected to the board of executive directors of the largest chemical company for another five years until the annual shareholders' meeting in 2023. The number of board members will be reduced from eight to seven after the changes, BASF said.

Bock and Brudermüller had been serving at the board in their current roles of chairman and vice chairman, respectively, since 2011, BASF said.