Covestro CEO Patrick Thomas Retires Early, Replaced by Dr. Markus Steilemann

Covestro CEO Patrick Thomas, whose contract runs through Sept. 30, 2018, will retire effective May 31 – making way for Dr. Markus Steilemann as his successor.

“We have deep respect for Patrick Thomas’ excellent work at Covestro,” said Dr. Richard Pott, chairman of the Supervisory Board. “He has significantly contributed to Covestro’s remarkable success story. Ever since Covestro became independent in 2015, the company achieved record results continuing its profitable growth path until today. Not only the financial metrics are notable: Under his leadership, Covestro developed an independent corporate culture and became a forerunner in innovation and sustainability in the chemical industry and a highly attractive employer.”

Thomas served as CEO of Covestro and its predecessor Bayer Material Science since 2007.

In May 2017, it was announced that Steilemann, the current chief commercial officer, would succeed Thomas. In August, the CCO stepped down as head of the Polyurethanes segment.

The company’s Board of Management will consist of three members: Steilemann; Chief Technology Officer Dr. Klaus Schäfer; and CFO Dr. Thomas Toepfer.