BASF Corp. Tabs New CEO

Chemical giant BASF announced a new chairman of its North American affiliate on Friday.

Wayne T. Smith, a member of the company's board of executive directors, will take over as chairman and CEO of BASF Corporation in Florham Park, New Jersey.

Smith succeeds Hans Engel, who took over as CFO of BASF SE at its global headquarters in Germany.

Previously, Smith oversaw North American regional functions and business development. He will retain responsibility for the company's catalysts, coatings and performance materials divisions in his new role.

Smith joined BASF as a group vice president in 2004, then became catalysts division president before serving as head of the polyurethanes division in Belgium. Prior to his BASF career, he worked for Specialty Construction Chemicals in Massachusetts and BOC Group in New Jersey.

BASF Corporation is the largest affiliate of BASF SE and the second largest chemical producer in North America with 2014 sales of $20.6 billion. The North American affiliate has approximately 17,000 employees out of a global workforce of more than 113,000.