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09-24-2014

New CFO of Bayer MaterialScience Apppointed

Frank H. Lutz has been appointed Chief Financial Officer (CFO) of Bayer MaterialScience AG effective October 1, 2014. He succeeds Dr. Axel Steiger-Bagel, who takes over on November 1 as Senior Bayer Representative for the Benelux countries, based in Diegem, near Brussels.

Frank H. Lutz (figure: Bayer)

Frank H. Lutz (45) will be a member of the Board of Management of Bayer MaterialScience and that subgroup's Executive Committee, like his predecessor. He will be responsible for all finance-related matters of MaterialScience, which it is planned to float on the stock market as a separate company in 12 to 18 months' time. His responsibilities on the Executive Committee will also include administration and services along with the Europe, Africa and Middle East regions (EMEA / EEMEA). As an acknowledged financial expert he is expected to apply his wide-ranging expertise to MaterialScience's preparations for its planned stock market flotation.

Lutz studied economics and business administration at the university of St. Gallen, Switzerland, and began his career in 1995 at Goldman Sachs. After a period working for Deutsche Bank, he was appointed Senior Vice President for Finance at MAN. Three years later he became Chief Financial Officer of MAN SE, Munich, Germany. On May 1, 2013, Lutz was appointed to the Coordination Council of the Aldi Süd group of companies, where as CFO he bore responsibility for the retailer's finances.

Dr. Axel Steiger-Bagel (figure: Bayer)

Dr. Axel Steiger-Bagel joined Bayer AG's legal department in 1999, having served for two years in Germany and the United States with a well-known law firm. At the beginning of 2002, Steiger-Bagel transferred to the Corporate Center to work as an assistant to the Board of Management. Then in 2006 he was appointed Managing Director, Senior Bayer Representative and Bayer HealthCare Senior Country Representative in Turkey. Since March 2007, Steiger-Bagel has been a member of the Board of Management of Bayer MaterialScience AG with responsibility for administration and services (including Controlling, Organization & IT, Law & Patents, Supply Chain Centers etc.) as well as the Europe, Africa and Middle East regions (EMEA / EEMEA).

Patrick Thomas, Chief Executive Officer of Bayer MaterialScience said: “Dr. Steiger-Bagel has made significant contributions to MaterialScience throughout his time with us and we wish him every success in his future Bayer career. At the same time, I am delighted to welcome Frank Lutz to the Executive Committee and I am very much looking forward to working with him.”

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