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Board of Management named for Covestro

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Bayer MaterialScience, soon to be known as Covestro, has revealed the Board of Management that will steer it as a stand-alone company from 1 September 2015.

Patrick Thomas, who has been CEO of Bayer MaterialScience since 2007, has been confirmed as Chairman of the Board of Management, supported by Frank H. Lutz as Chief Financial Officer.

"Going forward we aim to further strengthen customer proximity, innovative capability, efficiency and profitability - all of which are of crucial importance to Covestro. I am greatly looking forward to working with the new Management Board team,” said Thomas.

New additions to the Covestro Board of Management are Dr. Klaus Schäfer and Dr. Markus Steilemann. Schäfer will hold Board responsibility for Industrial Operations covering production and technology. Steilemann will initially be the Board member responsible for Innovation and, until December 31, 2015, will also retain his function as Head of the Polycarbonates Business Unit.

From January 1, 2016, he will additionally assume Board responsibility for the Polyurethanes Business Unit. Dr. Joachim Wolff, who is currently responsible for the Polyurethanes Business Unit, will retire on December 31, 2015. Daniel Meyer, the present Head of Coatings, Adhesives and Specialties, will remain responsible for this business unit's operations. The new Head of the Polycarbonates Business Unit will be announced at a later date.

"We are convinced we have made the right personnel decisions for the success of Covestro as a stand-alone company. Steered by this experienced management team, we intend to position Covestro as a leading company in the global arena and continue to grow dynamically in the future," said Dr. Richard Pott, Chairman of the Supervisory Board of Bayer MaterialScience AG.

From September 1, 2015, Bayer MaterialScience will be known as Covestro. Bayer aims to float this business on the stock market by mid-2016 at the latest. The plans for the carve-out of Bayer MaterialScience were announced in September 2014.

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