Covestro announces successor to CEO Patrick Thomas

Patrick Thomas has confirmed his intention to leave the chemicals company next Autumn, leading to Covestro’s board announcing Markus Steilemann as his successor today.

Richard Pott, Chairman, 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.”

He will be succeeded by Markus Steilemann, currently Chief Commercial Officer, since 2015.

Pott continued: “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 concluded that we have an excellent successor in our own ranks with Markus Steilemann.”

Steilemann is a highly qualified and experienced manager. He has enjoyed a long 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.

Markus Steilemann said: "I would like to thank the Supervisory Board for the confidence they have placed in me. Covestro is a great company characterised by an innovative 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.”