Covestro has announced that CEO Patrick Thomas will retire on 31 May, “by mutual and amicable agreement.” The decision was made public on Friday by the company’s supervisory board. Thomas had been due to retire on 30 September 2018 and had informed the supervisory board that he “would not be available for a further term beyond 2018.”
The supervisory board announced in May 2017 that it had appointed Markus Steilemann to succeed Thomas as CEO and this appointment is now effective on 1 June. Steilemann is currently Covestro’s chief commercial officer. Covestro’s management board will consist of three members: Klaus Schäfer, whose contract was renewed in January 2018 until the end of 2022, and will continue as chief technology officer; Thomas Toepfer, who became Covestro’s CFO on 1 April; and Steilemann.
Thomas has been CEO of Covestro and its predecessor Bayer MaterialScience since 2007. He also took leading roles in industry associations such as Cefic, the World Plastics Council, and the German chemical trade association VCI. He was president of the PlasticsEurope association from 2011 until 2017.
By Michael Ravenscroft
Source: Chemical Week
ExxonMobil Corp. (Spring, Tex.) announced the startup of two new chemical production units at its Baytown, Texas, manufacturing facility. The $2 billion expansion is part of ExxonMobil’s long-term growth plans to deliver higher-value products from its U.S. Gulf Coast refining and chemical facilities.
Ineos Enterprises has announced the acquisition of Eramet Titanium & Iron (ETI) from Eramet for €230 million ($245 million). The deal was completed on Sept. 21 and takes immediate effect, following the satisfaction of regulatory approvals.
Arxada has appointed Sanjeev Rastogi as Chief Executive Officer (CEO), effective immediately. He succeeds Marc Doyle who led Arxada since its foundation and will join the company’s board of directors as a non-executive member.