Covestro plans for succession of CEO

CEO Patrick Thomas has confirmed to the Supervisory Board of Covestro that he will complete his contract as expected on September 30, 2018. Dr Richard Pott, Chairman of the Supervisory Board, 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 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.”

Patrick Thomas, pictured, 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”.

Patrick Thomas will be followed as CEO by Dr Markus Steilemann, currently Chief Commercial Officer and long-term colleague at the Board of Management since 2015.