Covestro

Markus Steilemann to lead Covestro

| Editor: Briggette Jaya

Covestro's change in top mangement: Patrick Thomas (r) and the new CEO Dr. Markus Steilemann.
Covestro's change in top mangement: Patrick Thomas (r) and the new CEO Dr. Markus Steilemann. (Source: Covestro)

Germany - Global polymer company Covestro's new CEO is Markus Steilemann, the supervisory board recently announced.

Covestro says the board has agreed to let current CEO Patrick Thomas step down on 31 May 2018, earlier than originally contracted, which would have actually ended 30 September this year. The board appointed the successor Dr. Markus Steilemann as CEO to ensure continuity and a smooth transition after Thomas informed them May last year on his wish of not extending his term.

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As of 1 June 2018, Steilemann, who is Chief Commercial Officer (CCO), will head Covestro as CEO. The company’s Management Board will then have three members, the other two being Dr. Klaus Schäfer and Dr. Thomas Toepfer. Schäfer, whose contract was renewed in January this year until the end of 2022, will be CCO, while Toepfer is the new Chief Financial Officer (CFO) as of 1 April 2018.

Dr. Richard Pott, Chairman of the Supervisory Board, said: “We have deep respect for Patrick Thomas’ excellent work at Covestro. He has significantly contributed to Covestro’s remarkable success story.” Covestro achieved record results, continuing its profitable growth path since it became an independent company in 2015 with notable financial performance (2017 sales of €14.1 billion) and has become a forerunner in innovation and sustainabilty in the chemical industry under Thomas' leadership, according to Pott.

Thomas has been Covestro's CEO since 2007, when the company was then known as Bayer Material Science and has held various positions in the chemical industry. Among them are leading roles in numerous industry associations such as Cefic (Conseil Européen de l'Industrie Chimique / European Chemical Council), WPC (World Plastics Council) and VCI (Verband der Chemischen Industrie). He was also president of Plastics-Europe from 2011-2017 and is a member of the global jury of the “Young Champions of the Earth” competition, a joint United Nations and Covestro initiative for young people to showcase innovative projects that save the environment.

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