Covestro plans for succession of CEO

31 May 2017

CEO Patrick Thomas has confirmed to the supervisory board of Covestro that he will complete his contract as expected on September 30, 2018. The supervisory board has therefore decided on the succession of Patrick Thomas as chairman of the board of management in today’s meeting.

Patrick Thomas said: “I would like to take this opportunity to thank all employees of Covestro. They have done a great job in the last few years and have made Covestro a very successful company. I look forward to ensuring a successful transition over the next 16 months”.

Markus Steilemann, currently Chief Commercial Officer, is a highly qualified and experienced manager. He has enjoyed a long and international career at Bayer, joining the company in 1999 and Bayer MaterialScience in 2004. From 2008 onwards, he held various management positions in the polycarbonates segment in Asia including head of global industrial marketing. Between 2013 and 2015, Markus Steilemann headed the entire polycarbonates segment before being appointed to the Covestro board of management, where he was most recently responsible for innovation and the entire polyurethanes segment.

Following the announcement, Markus Steilemann said: "I would like to thank the Supervisory Board for the confidence they have placed in me. Covestro is a great company characterized by an innovative spirit, high performance and the enthusiasm of its people. I am looking forward to continuing this successful path by further pushing boundaries together with this great team”.