Sector News

Covestro plans for succession of CEO

May 24, 2017
Chemical Value Chain

CEO Patrick Thomas has confirmed to the Supervisory Board of Covestro that he will complete his contract as expected on September 30, 2018. The Supervisory Board has therefore decided on the succession of Patrick Thomas as Chairman of the Board of Management in today’s meeting.

Dr. Richard Pott, Chairman of the Supervisory Board, said: “We sincerely regret Patrick Thomas’ retirement. However, with the end of his contract in fall 2018, Patrick Thomas will have been at the top of Covestro for more than ten years and of course we respect this step. 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.”

Patrick Thomas said: “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.”

Dr. Markus Steilemann an excellent internal successor

Patrick Thomas shall be followed as CEO by Dr. Markus Steilemann, currently Chief Commercial Officer 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 in consideration that he could choose not to extend his contract. Initial reflections about a potential succession had therefore been conducted to ensure a high level of continuity as it is rooted in Covestro’s heritage.

Dr. Richard Pott said in this context: “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.”

Dr. Markus Steilemann is a highly qualified and experienced manager. He has enjoyed a long and international career at Bayer, joining the company in 1999 and Bayer MaterialScience in 2004, providing him with an extensive and detailed knowledge of the business. From 2008 onwards, he held various management positions in the Polycarbonates segment in Asia including Head of Global Industrial Marketing. Between 2013 and 2015, Markus Steilemann headed the entire Polycarbonates segment before being appointed to the Covestro Board of Management, where he was most recently responsible for innovation and the entire Polyurethanes segment. 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 election of Dr. Steilemann as the successor of Patrick Thomas was unanimous.

Following the announcement, Markus Steilemann said: “I would like to thank the Supervisory Board for the confidence they have placed in me. Covestro is a great company characterized by an inovative 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.”

Source: Covestro:

Related News

February 21, 2021

Dow’s new bio-based polyolefin elastomers secure carbon savings for Henkel’s hot melt adhesives

Chemical Value Chain

Elastomers are special polymers with high elasticity. Affinity RE is one of the first bio-based, high-performance polyolefin elastomers on the market, Dow indicates.

February 21, 2021

Austria’s largest green-hydrogen plant being constructed at OMV refinery 

Chemical Value Chain

OMV AG (Vienna, Austria) and Kommunalkredit Austria AG (Kommunalkredit) have announced a joint investment in the construction of Austria’s largest electrolysis plant in the OMV Schwechat Refinery.

February 21, 2021

Dow Inc seeks buyers for German chemical parks infrastructure: sources

Chemical Value Chain

U.S. chemicals maker Dow Inc has put German infrastructure assets up for sale in a potential 800 million euro ($966 million) deal as it seeks cash for investment elsewhere, sources close to the matter told Reuters.

Send this to a friend