Covestro Extends CTO Contract by Five Years Until 2022

Covestro AG said that it has extended the contract of board of management member Dr Klaus Schafer, by five years until the end of 2022 on 1 January 2018. He is chief technology officer (CTO) at Covestro and responsible for production and technology as well as all chemical production sites.

Schafer has been a member of the board since the going public in 2015. Since mid-2017, he also acts as labour director. 

With the early renewal of the contract, the company underlines its commitment to continuity just like it did with the appointment of the board Dr Markus Steilemann as successor of CEO Patrick Thomas. 

Schafer is part of the three-member management team of Covestro with CEO Patrick Thomas and Dr Markus Steilemann, CCO and future CEO. From 1 April 2018 onwards, Dr Thomas Toepfer will complement the Board as chief financial officer (CFO). 

The contract of Klaus Schafer would have expired at the end of August 2018. In accordance with the German Stock Corporation Act and the Rules of Procedure of the supervisory board of Covestro AG, the supervisory board generally decides on a contract extension of board of management members after the beginning of the last year of their current contract.

“We are pleased to continue the successful cooperation with Dr Klaus Schafer. He made significant contributions to the success story of Covestro as an independent company. As a proven industry expert with long-term leadership experience in the company, he ensures that Covestro is able to convince the market with state-of-the-art production facilities and competitive technology. Furthermore, he is highly regarded and trusted among employees, not only as labour director,” said Dr Richard Pott, chairman of the supervisory board of Covestro AG.

“I would like to thank the supervisory board for its trust and I am looking forward to successfully continuing Covestro’s history together with all the company’s employees and my colleagues at the board,” said Dr Klaus Schafer.