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Covestro Expedites CEO Succession

Tuesday, April 17, 2018

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Polymers giant Covestro AG (Leverkusen, Germany) announced Friday (April 13) that Markus Steilemann will take the helm as CEO of the company on June 1 as Patrick Thomas retires, months earlier than originally projected.

Markus Steilemann (left) and Patrick Thomas

Markus Steilemann (left) will take the position of CEO at Covestro AG in June upon the retirement of Patrick Thomas (right), who had served in the position for more than 10 years.

Covestro said a "mutual agreement" produced the decision for Thomas to formally retire May 31 and allow Steilemann to take over, though originally the plan had been for Thomas to stay on through September, when his term as CEO was slated to end. Thomas first announced his retirement in May 2017, with the intention of staying through the end of his term for a transition period after Steilemann's appointment was announced.

About Thomas

Thomas became CEO of Covestro in 2007, when the company was still known as Bayer MaterialScience. He had previously worked in various positions in the chemical industry, and he served as president of PlasticsEurope from 2011 through 2017.

"We have deep respect for Patrick Thomas’ excellent work at Covestro," said supervisory board chair Richard Pott. "He has significantly contributed to Covestro’s remarkable success story. Ever since Covestro became independent in 2015, the company achieved record results continuing its profitable growth path until today. Not only the financial metrics are notable: Under his leadership, Covestro developed an independent corporate culture and became a forerunner in innovation and sustainabilty in the chemical industry and a highly attractive employer. I would like to express my sincere gratitude for Patrick Thomas on behalf of the Supervisory Board and all Covestro employees."

The New CEO

Steilemann began his professional career at Bayer in 1999. He held various management positions for Bayer MaterialScience in the Polycarbonates segment in Asia, including a stint as Head of Global Industrial Marketing. In 2015, after Bayer MaterialScience was spun off as Covestro, Steilemann was appointed to the company's Board of Management, where he led the company-wide Polyurethanes segment.


Tagged categories: AF; AS; Asia Pacific; Coatings raw materials manufacturers; Covestro; EMEA (Europe, Middle East and Africa); EU; Latin America; NA; North America; OC; Personnel; Program/Project Management; SA

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