Covestro CEO retire in 2018; current CCO takes over
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Covestro CEO to retire next year; CCO to succeed

9:39 AM, 25th May 2017
Dr Markus Steilemann, current CCO is appointed next CEO of Covestro.
Dr Markus Steilemann, current CCO is appointed next CEO of Covestro.

LEVERKUSEN, GERMANY: Covestro AG said that its CEO Patrick Thomas has confirmed that he will complete his contract as expected on 30 September 2018. The supervisory board of the company has thus unanimously appointed Dr Markus Steilemann as his successor.

Dr Markus Steilemann is currently the chief commercial officer (CCO) and long-term colleague at the board of management since 2015. Since Patrick Thomas will be over 60 years old when his current contract expires in fall 2018, the supervisory board had already taken into consideration that he could choose not to extend his contract.

Steilemann is a highly qualified and experienced manager. He had a long career at Bayer, joining the company in 1999 and Bayer MaterialScience in 2004, providing him with an extensive and detailed knowledge of the business. Between 2013 and 2015, Markus Steilemann headed the entire Polycarbonates segment before being appointed to the Covestro board of management. Based on this broad international business experience and with innovation being at the heart of Covestro, Markus Steilemann is an ideal candidate for the succession of Patrick Thomas, the company said.

“We sincerely regret Patrick Thomas’ retirement. Under his leadership, the company has achieved remarkable success, becoming a leading innovator in the chemical industry with outstanding financial results. We, therefore, thank him sincerely for his excellent work and support in facilitating a foresighted succession plan,” said Dr Richard Pott, chairman of the supervisory board.

"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,” added Pott.

“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,” said  Patrick Thomas.

"I would like to thank the supervisory board for the confidence they have placed in me. Covestro is a great company characterised 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,” conclude Markus Steilemann

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