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
BASF will build a commercial scale battery recycling black mass plant in Schwarzheide, Germany. This investment strengthens BASF’s cathode active materials (CAM) production and recycling hub in Schwarzheide. The site is an ideal location for the build-up of battery recycling activities given the presence of many EV car manufacturers and cell producers in Central Europe.
Clariant says it is reducing its number of businesses from five to three, by merging units, under a reorganization that is in line with the company’s purpose-led strategy and cultural transformation. The moves will position Clariant for long-term sustainable growth, the company says.
Chemicals & plastics industry has the most diversified end-use market across all manufacturing industries. The industry returned to growth in 2021 but a supply chain crunch prevented it from becoming stronger. The market is likely to stabilize in the second half of 2022 with a supply-demand balance.
