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In the run-up to shedding its German incorporation in 2008 to become a Societas Europaea, or European company, BASF is trimming its executive board and reassigning responsibilities. Harald Schwager, 47, and Wolfgang Büchele, 48, have been named to the board; set to retire are Eggert Voscherau, 64, Peter Oakley, 54, and Klaus Peter Löbbe, 61. Löbbe is CEO of New Jersey-based BASF; he will be succeeded on Aug. 1 by BASF Chief Financial Officer Kurt Bock. Says Chairman Jürgen Hambrecht, "In view of the transformation of BASF from a German Aktiengesellschaft into a European company, it is necessary to appoint the board of executive directors as early as possible and involve the team members in the reorganization process."
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