Umicore names new CEO

Umicore, a Belgium-based company that operates a high-volume metals smelter that serves as an end market for numerous grades of metal and electronic scrap, has appointed Bart Sap as its new CEO.

Sap, who assumed the role effective May 16, will succeed Mathias Miedreich who stepped down in mutual agreement with the company's supervisory board.

Sap joined the firm in 2004 and has been an executive vice president in its Catalysis business unit since March 2021.

“His nomination is in line with the company's established succession plan,” Umicore says, adding that Miedreich will remain available for advice to Umicore during the next several months.

The executive change appears to have been brought on in part by a perceived paring back of formerly optimistic projections in global demand for electric vehicles (EVs) and EV battery materials.

“In light of slower demand growth for EV battery materials affecting the entire industry, one of Bart Sap’s main priorities will be to assess the development plans for the Umicore Battery Materials business, including capex [capital expenditures],” the company says.

In 2022, Umicore announced a plan to construct a manufacturing facility in Canada to produce cathode active battery materials (CAM) and their precursor materials (pCAM) for the North American electric vehicle (EV) market.

Umicore's first outcomes of its battery materials review will be shared during its half-year results announcement in late July.

“With Bart, we have a new CEO with deep experience of Umicore’s different businesses and with a track record of success,” says Thomas Leysen, chair of the company’s supervisory board.

“In recent years he steered the Catalysis Business Group to record results and returns on capital employed combined with a remarkable cash flow generation, and this in a challenging market context. The supervisory board is confident he is the right leader for Umicore in the next phase of its development.

"Mathias has been a forceful and energetic leader dedicated to the development and growth of Umicore. He led Umicore through challenging times, marked by the pandemic and by great geo-political and macro-economic volatility. I would like to thank Mathias on behalf of the supervisory board for his contribution to Umicore and wish him every success in the future.”

Sap’s experience in the battery materials sector includes having served as senior vice president for cobalt and specialty materials and supply earlier this decade.

Umicore is a circular materials technology company with business units that include battery materials, catalysis, recycling and specialty materials. The company has more than 11,500 employees globally had sale of more than $19.9 billion last year.