How do you transform a company founded in 1865, with the world's largest chemical site at its heart, when energy costs, Chinese overcapacity and tariffs all hit at the same time?
In this episode, recorded in Ludwigshafen, Dr. Dirk Elvermann, CFO and CDO of BASF, explains what the new strategy "Winning Ways" changes in day-to-day work. A company built on the expertise of its scientists naturally generates more good ideas than it can ever pursue. This is why he asked his colleagues for something simple: don't give me your 100 ideas, give me your best five.
We talk about the energy shock, from the €6.5 billion write-down following the exit from Russia to a gas supply he describes as safe for a long time. Dirk also gives a clear answer on the future of Ludwigshafen: smaller, but smarter and more powerful, with around 90 % of the plants now fully competitive even against imports from China.
The conversation turns to the portfolio, and why two similar-looking businesses took different routes — Coatings into a partnership with Carlyle, Agricultural Solutions towards an IPO. Dirk explains that the starting point was never the transaction itself but the value.
Being CFO and CDO in one person, Dirk has a very practical view on AI. His most used tool is a finance and controlling agent called FOX, which he chats with on Teams. Fox is always online, answering in seconds what he would once have passed to his staff functions. And he explains why the AI debate only becomes useful once it is attached to a real problem.
We close with Dirk's own story, about law and economics, M&A, Hong Kong, running the business in Poland, eight roles in 23 years, and his advice to younger leaders: stay curious, never accept the status quo, and do the job you have with full honesty and professionalism.
Guest Dr. Dirk Elvermann, CFO & CDO – BASF
Hosts Prof. Dr. Martin Glaum, WHU – Otto Beisheim School of Management; Gori von Hirschhausen, PwC Germany
Editorial Team Annika Lux-Röhrig; Annika Wicht
