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Covestro Appoints Steilemann as CEO

Thursday, June 1, 2017

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German polymer giant Covestro (Leverkeusen) announced Wednesday (May 24) that Markus Steilemann has been appointed as the firm's next CEO.

Steilemann, who has served as Covestro’s Chief Commercial Officer since 2015, was selected by unanimous vote of the Board of Management. He is set to replace Patrick Thomas, who will retire when his term as CEO ends in September 2018.

“I would like to take this opportunity to thank all employees of Covestro,” Thomas said in a press release. “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.”  

Covestro

Markus Steilemann, who has served as Covestro’s Chief Commercial Officer since 2015, wll become CEO of the company next year.

“We sincerely regret Patrick Thomas’ retirement,” said Richard Pott, Chairman of the Supervisory Board, “However, with the end of his contract in fall 2018, Patrick Thomas will have been at the top of Covestro for more than 10 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.”

Steilemann's Credentials

Steilemann began his professional career at Bayer in 1999. He held various management positions for Bayer MaterialScience in the Polycarbonates segment in Asia, including a stint as Head of Global Industrial Marketing. In 2015, after Bayer MaterialScience was spun off as Covestro, Steilemann was appointed to the company's Board of Management, where he led the company-wide Polyurethanes segment.

"I would like to thank the Supervisory Board for the confidence they have placed in me,” Steilemann said. “Covestro is a great company characterized 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.”

About Covestro

Covestro, which reported 2016 sales of EUR 11.9 billion (about $13 billion), is among the world’s largest polymer companies. The firm manufactures high-tech polymer materials for the automotive, construction, wood processing and furniture, and electrical and electronics industries. The company has 30 production sites worldwide—its North American headquarters is in Pittsburgh—and employs approximately 15,600 workers.

   

Tagged categories: Business matters; Business operations; Covestro; Personnel; Polymers

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