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05-29-2017

Covestro Plans Early for Succession of CEO

Patrick Thomas (© Covestro)

CEO Patrick Thomas has confirmed to the Supervisory Board of Covestro that he will complete his contract as expected on September 30, 2018. He shall be followed as CEO by Dr. Markus Steilemann, currently Chief Commercial Officer and long-term colleague at the Board of Management since 2015. The Supervisory Board unanimously appointed Dr. Markus Steilemann as successor.

Dr. Richard Pott, Chairman of the Supervisory Board, said: “We sincerely regret Patrick Thomas’ retirement. However, with the end of his contract in fall 2018, Patrick Thomas will have been at the top of Covestro for more than ten years and of course we respect this step." He added: "We consider it our duty to be prepared for possible scenarios at an early stage. For this reason, we have examined potential candidates for succession in advance and come to the conclusion that we have an excellent successor in our own ranks with Markus Steilemann.”

Dr. Markus Steilemann (© Covestro)

Dr. Markus Steilemann 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.

Company profile

Covestro Deutschland AG

Kaiser-Wilhelm-Allee 60
DE 51373 Leverkusen
Tel.: 0214 60092000

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