Dr Markus Steilemann to replace Patrick Thomas as Covestro CEO

The current CEO, Patrick Thomas, to complete his term which runs until 30 September 2018

BS B2B Bureau Leverkusen, Germany

Last Updated : May 25 2017 | 2:22 PM IST

Dr Markus Steilemann, currently chief commercial officer, has been selected as the CEO of Covestro (formerly Bayer MaterialScience) to succeed Patrick Thomas, who will step down from the post after his term ends on September 30, 2018.

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.”

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Dr Markus Steilemann, who has been on the board of management since 2015, 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.

Dr Richard Pott added, “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.”